CAUTIONARY STATEMENT FOR FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and other federal securities laws, PARTICULARLY THOSE ANTICIPATING FUTURE FINANCIAL PERFORMANCE, BUSINESS PROSPECTS, GROWTH, OPERATING STRATEGIES AND SIMILAR MATTERS, INCLUDING WITHOUT LIMITATION, STATEMENTS CONCERNING OPERATIONS, RESULTS OF OPERATIONS, LIQUIDITY, INVESTMENTS, OUR NEED FOR, AND ABILITY TO OBTAIN, ADDITIONAL FUNDING FOR ACQUISITIONS AND POTENTIAL BUSINESS EXPANSION, GENERAL ECONOMIC TRENDS, THE PENDING PROPOSED SALE OF OUR GIG INSURANCE OPERATIONS, INFLATIONARY PRESSURES, FINANCIAL CONDITION AND THE IMPACT OF ANY FUTURE PANDEMIC OR GEOPOLITICAL EVENTS ON OUR BUSINESS. We have based these forward-looking statements on our current intent, expectations and projections about future events, and these forward-looking statements are not guaranteed to occur and may not occur. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “intend,” “project,” “contemplate,” “potential,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. These statements are only predictions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission filings. THE OUTCOME OF THE EVENTS DESCRIBED IN THIS REPORT ALSO CONTAINS STATISTICAL AND OTHER INDUSTRY AND MARKET DATA RELATED TO OUR BUSINESS AND INDUSTRY THAT WE OBTAINED FROM INDUSTRY PUBLICATIONS AND RESEARCH, SURVEYS AND STUDIES CONDUCTED BY US AND THIRD PARTIES, AS WELL AS OUR ESTIMATES OF POTENTIAL MARKET OPPORTUNITIES. INDUSTRY PUBLICATIONS, THIRD-PARTY AND OUR OWN RESEARCH, SURVEYS AND STUDIES GENERALLY INDICATE THAT THEIR INFORMATION HAS BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE ALTHOUGH THEY DO NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. THIS MARKET DATA INCLUDES PROJECTIONS THAT ARE BASED ON A NUMBER OF ASSUMPTIONS. IF THESE ASSUMPTIONS TURN OUT TO BE INCORRECT, ACTUAL RESULTS MAY DIFFER FROM THE PROJECTIONS BASED ON THESE ASSUMPTIONS. AS A RESULT, OUR MARKETS MAY NOT GROW AT THE RATES PROJECTED BY THIS DATA, OR AT ALL. THE FAILURE OF THESE MARKETS TO GROW AT THESE PROJECTED RATES MAY HAVE A MATERIAL ADVERSE EFFECT ON OUR BUSINESS, RESULTS OF OPERATIONS, FINANCIAL CONDITION AND THE MARKET PRICE OF OUR CLASS a COMMON STOCK. The following discussion should be read in conjunction with our Financial Statements and related Notes thereto included elsewhere in this report. Any of the forward-looking statements that we make in this quarterly report on Form 10-Q and in other public reports and statements we make may turn out to be inaccurate as a result of our beliefs and assumptions we make in connection with the factors set forth above or because of other unidentified and unpredictable factors. IN ADDITION, OUR BUSINESS AND FUTURE RESULTS ARE SUBJECT TO A NUMBER OF OTHER FACTORS, INCLUDING THOSE FACTORS SET FORTH IN THE “risk factors” SECTION OF OUR ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED December 31, 2025, AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) ON MARCH 30, 2026, THE ADDITIONAL RISK FACTORS SET FORTH IN ITEM 1A OF PART II of this report on form 10-Q, AND OUR SUBSEQUENT FILINGS WITH THE SEC. Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements and you should not rely on such statements. We undertake no obligation to publish revised forward-looking statements to reflect the occurrence of unanticipated events or circumstances after the date hereof. These risks could cause our actual results for 2026 and beyond to differ materially from those expressed in any forward-looking statements by or on behalf of us, and could negatively affect our financial condition, liquidity and operating and stock price performance. 35 Table of Contents Overview We are currently engaged in outdoor billboard advertising, broadband services, surety insurance and related brokerage businesses, and an asset management business. In addition, we hold minority investments in commercial real estate management and brokerage services, a bank focused on servicing the automotive loan market, and a developer of private aviation infrastructure focused on building, leasing, and managing business aviation hangars. As discussed in Note 14. Discontinued Operations, on May 18, 2026, we announced that we had entered into an agreement with CopperPoint Insurance Company in which it will acquire 100% of the equity interests in GIG for approximately $84.3 million before closing expenses. The transaction is expected to close in the second half of 2026 subject to the receipt of all regulatory and other approvals required under the Securities Purchase Agreement. Unless otherwise noted, the discussion below relates to the Company's continuing operations. Outdoor Billboard Advertising. In June 2015, we commenced our billboard business operations through acquisitions by Link, our wholly owned subsidiary, of smaller billboard companies located in the Southeastern United States and Wisconsin. During July and August 2018, we acquired the membership interest or assets of three larger billboard companies which increased our overall billboard count to approximately 2,900 billboards. In addition, we have made several billboard acquisitions on a smaller scale since that date. We believe that we are a leading outdoor billboard advertising company in the markets we serve in the Midwest. As of June 30, 2026, we operate approximately 3,900 billboards with approximately 7,500 advertising faces. One of our principal business objectives is to continue to acquire additional billboard assets through acquisitions of existing billboard businesses in the United States when they can be made at what we believe to be attractive prices relative to other opportunities generally available to us. Broadband Services. In March 2020, we commenced our broadband services business with the acquisition of substantially all of the business assets of FibAire, a rural broadband internet provider that served over 8,000 customers in communities in southern Arizona with a high-speed fixed wireless internet service and is building an all fiber-to-the-home network in select Arizona markets. In December 2020, we acquired substantially all of the business assets of UBB, a broadband internet provider that provided high-speed internet to over 10,000 customers throughout Utah. In September 2021, we announced the launch of Fiber Fast Homes, LLC, which partners with builders, developers, and build for rent communities to build fiber-to-the-home infrastructure and provide fiber internet service to residents. In April 2022, we acquired substantially all of the business assets of InfoWest, which are fiber and fixed wireless internet service providers with over 20,000 customers throughout Southern and Central Utah, Northern Arizona, and Moapa Valley, Nevada. In addition, over the last few years, we have also acquired additional smaller broadband businesses located in Utah. As of June 30, 2026, we have approximately 50,200 broadband customers (22,300 fiber subscribers) and 52,500 fiber passings completed. We hope to continue to expand in Arizona, Florida, Nevada, Utah, and other locales. In June 2026, our FIF Utah LLC subsidiary received approval from the USDA ReConnect Program for a combination of grants and long-term debt totaling up to $23.0 million in the aggregate to fund the construction, improvement, and acquisition of facilities and equipment needed to provide high-speed broadband service in eligible rural areas in Utah. Surety Insurance. In September 2015, we established an insurance subsidiary, GIG, designed to own and operate insurance businesses generally handling high volume, lower policy limit commercial lines of property and casualty insurance. In April 2016, our surety insurance business commenced with the acquisition of a surety insurance brokerage business with a national internet-based presence. In December 2016, we completed the acquisition of UCS, a surety insurance company, which at that time was licensed to issue surety bonds in only nine states. UCS now has licenses to operate in all 50 states and the District of Columbia. In addition, over the last several years, we have also acquired additional surety insurance brokerage businesses located in various regions of the United States. We currently operate our insurance brokerage businesses under our BOSS Bonds™ trade name. We offer independent insurance agents the opportunity to purchase surety insurance through our computerized portal which offers speed and ease in application processing for the independent agent. On May 18, 2026, we announced that we had entered into a securities purchase agreement with CopperPoint Insurance Company ("CopperPoint") whereby CopperPoint will acquire 100% of the equity interests in GIG for approximately $84.3 million. The transaction is expected to close in the second half of 2026, subject to the receipt of all regulatory and other approvals required under the securities purchase agreement. Investments: ● Since September 2015, we have made a series of investments in commercial real estate, a commercial real estate management business, brokerage and related services business, as well as an asset management business. We currently own 30% of Logic Real Estate Companies, LLC. On May 1, 2023, our BOAM subsidiary acquired 100% of the membership interests in 24th Street from the members of 24th Street other than BOAM for cash and BOC Class A common stock valued at 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 (based on the average closing price of BOC Class A common stock for the 30 business day period ending two days before the closing date). The shares issued in the transaction are unregistered and have no registration rights. The purchase agreement also provides for certain payments based on performance to receive the holdback amount and certain other potential earnout payments. In addition, we have invested, through one of our subsidiaries, an aggregate of $6 million in the 24th Street Funds. These funds are managed by 24th Street and focus on opportunities within secured lending and direct investments in commercial real estate. As of June 30, 2026, the 24th Street Funds have a total of four real estate properties remaining under management. ● In May 2018, through one of our subsidiaries, we invested approximately $19 million through the purchase of common stock of CB&T Holding Corporation, the privately held parent company of Crescent Bank & Trust, Inc. ("Crescent Bank"). Our investment now represents 15.6% of CB&T’s outstanding common stock. Crescent Bank is located in New Orleans, LA. 36 Table of Contents ● 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, each warrant entitling us to purchase one share of Class A common stock at $11.50 per share. In August 2021, Yellowstone entered into a business combination agreement with Sky Harbour LLC, a developer of private aviation infrastructure focused on building, leasing, and managing business aviation hangars. The business combination was completed on January 25, 2022 and Yellowstone changed its name to Sky Harbour Group Corporation. Sky Harbour’s Class A common stock trades on the NYSE under the symbol “SKYH” and its warrants to purchase Class A common stock trade under the symbol “SKYH.WS.” ● In September 2021, through one of our subsidiaries, we invested $55 million directly into SHG and received Series B preferred units. Upon the successful consummation of the Sky Harbour business combination, this investment converted into 5,500,000 shares of Sky Harbour's Class A common stock based upon an assumed value of $10.00 per share. In December 2021, we agreed to provide Sky Harbour an additional $45 million through the purchase of 4,500,000 shares of Class A common stock upon the closing of the Sky Harbour business combination, which was consummated in January 2022. Through June 30, 2026, we have sold 1,347,037 shares of Sky Harbour Class A common stock for gross proceeds of approximately $14.2 million. As of June 30, 2026, we held 11,339,994 shares of Sky Harbour Class A common stock and 7,719,779 Sky Harbour warrants. In August 2026, we sold 360,000 shares of our Sky Harbour Class A common stock, resulting in our ownership now consisting of 10,979,994 shares of Class A common stock. ● In 2021, we established the BFR Fund subsidiary within BOAM to operate a proposed build-for-rent business, focusing on developing, building, and managing single-family detached homes and/or townhomes for long-term rentals. We invested approximately $15 million of capital to finance the initial acquisitions for these projects and subsequently raised third-party capital to be invested alongside our capital. The BFR Fund acquired land parcels in Nevada with the initial plan to develop, construct, and operate build-for-rent communities. However, challenges in the market, including the increase in interest rates and the inability to achieve what we believe are appropriate risk-adjusted returns, have led us to pursue selling the BFR Fund's entitled land assets to public homebuilders. Consequently, we are winding down the BFR Fund earlier than originally targeted by returning the uninvested cash on hand to BFR Fund partners and, as we sell the BFR Fund's entitled land assets, returning that capital to BFR Fund partners as well. As of June 30, 2026, the BFR Fund has one real estate property remaining under management. ● In July 2023, we invested approximately $3 million in voting preferred stock of MyBundle.TV Inc., a company serving the broadband industry. In each of our businesses, we hope to expand our geographic reach and market share and seek to develop a competitive advantage and/or brand name for our services, which we hope will be a differentiating factor for customers. In outdoor advertising, our plan is to continue to grow this business through acquisitions of billboard assets. We expect to expand our broadband services in Arizona, Florida, Nevada, Utah, and in other locations. In the future, we expect to continue to expand our billboard operations and broadband services and to possibly consider acquisitions of other businesses, as well as investments, in other sectors, although we currently expect to place a primary emphasis on growing our existing business lines over the next several years. Our decision to expand outside of these current business sectors we serve or in which we have made investments will be based on the opportunity to acquire businesses which we believe provide the potential for sustainable earnings at an attractive level relative to capital employed and, with regard to investment, we believe have the potential to provide attractive returns. We seek to enter markets where we believe demand for our services will grow in the coming years due to certain barriers to entry and/or to anticipated long-term demand for these services. In the outdoor billboard business, government restrictions often limit the number of additional billboards that may be constructed. At the same time, advances in billboard technology provide the opportunity to improve revenues through the use of digital display technologies and other new technologies. In broadband services, we believe that our fiber-to-the-home services can compete with traditional cable operators as broadband provides higher rates of transmission and improved speed to consumers and that, once built, other competitors may be less willing to compete in communities which we serve. We also believe our investments in both CB&T and Sky Harbour have provided each company the opportunity to significantly grow its business. Lastly, we invest our available capital in a wide range of securities, including equity securities of public companies, various corporate and government bonds, and U.S. Treasury securities. 37 Table of Contents How We Generate Our Revenues and Evaluate Our Business We currently generate revenues primarily through billboard advertising and related services, providing high-speed broadband services, and asset management services. Revenue for outdoor advertising space rental is recognized on a straight-line basis over the term of the contract and advertising revenue is reported net of agency commissions. Payments received in advance of being earned are recorded as deferred revenue. In our broadband business, 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. Segment gross profit is a key metric that we use to evaluate segment operating performance and to determine resource allocation between segments. We define segment gross profit as segment revenues less segment direct cost of services. In our billboard business, direct cost of services includes land leases, utilities, repairs and maintenance of equipment, sales commissions, contract services, and other billboard level expenses. In our broadband business, direct cost of services includes network operations and data costs, software costs, cell site rent and utilities, and other broadband level expenses. Results of Operations Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 The following is a comparison of our results of operations for the three months ended June 30, 2026, which we refer to as the “second quarter of fiscal 2026,” compared to the three months ended June 30, 2025, which we refer to as the “second quarter of fiscal 2025.” These results exclude results for our GIG subsidiary, as such operations are expected to be sold within the next six months to CopperPoint and are thus reflected as "discontinued operations" as described in Note 14. Discontinued Operations. Revenues. For the second quarter of fiscal 2026 and the second quarter of fiscal 2025, our revenues, in thousands and as a percentage of total revenues, were as follows: For the Three Months Ended June 30, (unaudited) 2026 2025 2026 vs 2025 As a % of As a % of Total Total Amount Revenues Amount Revenues $ Variance Revenues: Billboard rentals, net $ 11,723 52.8% $ 11,441 52.8% $ 282 Broadband services 10,477 47.2% 10,234 47.2% 243 Investment and other income - - 4 0.0% (4 ) Total Revenues $ 22,200 100.0% $ 21,679 100.0% $ 521 We realized total revenues of $22,200 during the second quarter of fiscal 2026, an increase of 2.4% over revenues of $21,679 during the second quarter of fiscal 2025. The key factors impacting revenue across each of our businesses during the second quarter of fiscal 2026 were as follows: ● Net billboard rentals in the second quarter of fiscal 2026 increased 2.5% when compared to the second quarter of fiscal 2025, reflecting steady rental and occupancy rates across a number of our markets. ● Revenue from broadband services in the second quarter of fiscal 2026 increased 2.4% from the second quarter of fiscal 2025, mainly reflecting subscriber growth across a number of our markets. ● Investment and other income at BOAM decreased from $4 in the second quarter of fiscal 2025 to $0 in the second quarter of fiscal 2026. 38 Table of Contents Expenses. For the second quarter of fiscal 2026 and the second quarter of fiscal 2025, our expenses, in thousands and as a percentage of total revenues, were as follows: For the Three Months Ended June 30, (unaudited) 2026 2025 2026 vs 2025 As a % of As a % of Total Total Amount Revenues Amount Revenues $ Variance Costs and Expenses: Cost of billboard revenues $ 3,533 15.9% $ 3,703 17.1% $ (170 ) Cost of broadband revenues 2,664 12.0% 2,316 10.7% 348 Employee costs 6,132 27.6% 6,377 29.4% (245 ) Professional fees 850 3.8% 596 2.8% 254 Depreciation 4,523 20.4% 4,101 18.9% 422 Amortization 1,859 8.4% 1,915 8.8% (56 ) General and administrative 3,328 15.0% 3,205 14.8% 123 Gain on disposition of assets (139 ) (0.6%) (76 ) (0.3%) (63 ) Accretion 53 0.2% 54 0.2% (1 ) Total Costs and Expenses $ 22,803 102.7% $ 22,191 102.4% $ 612 During the second quarter of fiscal 2026, we had total costs and expenses of $22,803, as compared to total costs and expenses of $22,191 in the second quarter of fiscal 2025. Total costs and expenses as a percentage of total revenues increased from 102.4% in the second quarter of fiscal 2025 to 102.7% in the second quarter of fiscal 2026. The key factors impacting costs and expenses across each of our businesses during the second quarter of fiscal 2026 were as follows: ● Cost of billboard revenues decreased as a percentage of billboard revenues from 32.4% in the second quarter of fiscal 2025 to 30.2% in the second quarter of fiscal 2026. The decrease was mainly driven by lower ground rent expense as a percentage of billboard revenues. ● Cost of broadband revenues increased as a percentage of broadband revenues from 22.6% in the second quarter of fiscal 2025 to 25.4% in the second quarter of fiscal 2026. The increase was mainly driven by higher network operations and data costs as a percentage of broadband revenues. ● Employee costs in the second quarter of fiscal 2026 were $6,132, or 27.6% of total revenues, as compared to $6,377, or 29.4% of total revenues, in the second quarter of fiscal 2025. The decrease was mainly driven by headcount reductions within our broadband businesses. ● Professional fees in the second quarter of fiscal 2026 were $850, or 3.8% of total revenues, as compared to $596, or 2.8% of total revenues, in the second quarter of fiscal 2025. The increase was mainly driven by higher professional fees at Boston Omaha's parent company related to the sale of GIG. ● General and administrative expenses in the second quarter of fiscal 2026 were $3,328, or 15.0% of total revenues, as compared to $3,205, or 14.8% of total revenues, in the second quarter of fiscal 2025. ● Non-cash expenses in the second quarter of fiscal 2026 included $4,523 in depreciation expense, $1,859 in amortization expense, and $53 in accretion expense mainly related to asset retirement obligations for certain billboard assets. The increase in depreciation expense is mainly driven by continued capital investments within our broadband businesses. 39 Table of Contents Net Loss from Operations. Net loss from operations for the second quarter of fiscal 2026 was $603, or 2.7% of total revenues, as compared to a net loss from operations of $512, or 2.4% of total revenues, in the second quarter of fiscal 2025. The increase in net loss from operations was primarily due to higher professional fees at Boston Omaha's parent company related to the sale of GIG, which were partially offset by improved operations within our billboard and broadband businesses. Our net loss from operations included $6,435 from non-cash depreciation, amortization, and accretion expenses in the second quarter of fiscal 2026, as compared to $6,070 in the second quarter of fiscal 2025. Other Income (Expense). During the second quarter of fiscal 2026, we had net other expense of $2,500, which included a $1,853 unrealized loss on the Sky Harbour warrants held by Boston Omaha, losses of $844 within BOAM primarily related to changes in the fair value of the underlying assets within the 24th Street and BFR Funds, interest expense of $607 mainly incurred under Link's term loan and revolver and BOB's credit facility, and non-cash losses of $404 from unconsolidated affiliates mainly related to our share of Sky Harbour's loss from operations. These items were partially offset by $963 in realized gains on the sale of 331,500 shares of Sky Harbour Class A common stock and interest and dividend income of $258. During the second quarter of fiscal 2025, we had net other expense of $4,531, which included a $10,653 unrealized loss on the Sky Harbour warrants held by Boston Omaha, losses of $2,640 within BOAM primarily related to changes in the fair value of the remaining assets within the 24th Street Funds, and interest expense of $573 mainly incurred under Link's term loan and revolver and BOB's credit facility. These items were partially offset by income of $6,147 from unconsolidated affiliates mainly related to our equity method position in Sky Harbour, $2,859 in realized gains on the sale of 509,206 shares of Sky Harbour Class A common stock, and interest and dividend income of $242. Generally accepted accounting principles ("GAAP") require us to include the unrealized changes in market prices of investments in public equity securities in our reported earnings. Due to the size of our percentage ownership interest in Sky Harbour's Class A common stock and our right to elect one of the seven members of Sky Harbour's Board of Directors, our investment is recorded under the equity method and we do not include any unrealized gains or losses related to the change in Sky Harbour's stock price in our reported earnings. In the future, if we are deemed to no longer have significant influence, we may no longer be able to record our investment under the equity method and will be required to include any unrealized gains or losses related to the change in Sky Harbour's stock price in our reported earnings. While we intend to hold our current securities for the longer term, we may in the future choose to sell them for a variety of reasons resulting in realized losses or gains. Additionally, we have evaluated our investment in Sky Harbour as of June 30, 2026, and determined that there was not an other-than-temporary impairment. Our conclusion was based on several contributing factors, including: (i) our assessment that the underlying business and financial condition of Sky Harbour is favorable, (ii) Sky Harbour's stock price trading above our carrying value for an extended period of time, and (iii) our ability and intent to hold the investment. We will continue to review our investment in Sky Harbour for an other-than-temporary impairment on a quarterly basis or upon the occurrence of certain events. If Sky Harbour's stock price drops below our carrying value of $6.17 per share for a sustained period of time, it will likely result in an impairment of our investment. There may also be a future impairment of our investment if our expectations about Sky Harbour's prospective results of operations and cash flows decline, which could be influenced by a variety of factors including adverse market conditions. Income (Loss) from Discontinued Operations. On May 18, 2026, we announced that CopperPoint will acquire 100% of the equity interests in GIG for approximately $84.3 million. The transaction is expected to close in the second half of 2026 following receipt of all regulatory and other approvals required under the Securities Purchase Agreement. As a result, the Company has classified the results and cash flows of the GIG business as discontinued operations in our Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows for all periods presented. The related assets and liabilities associated with the discontinued operations are classified as held for sale in the Condensed Consolidated Balance Sheets. During the second quarter of fiscal 2026, we had $490 in income from discontinued operations compared to a loss of $329 during the second quarter of fiscal 2025. See Note 14. Discontinued Operations in the Company's Condensed Consolidated Financial Statements for additional information. Net Loss Attributable to Common Stockholders. We had a net loss attributable to common stockholders in the amount of $1,612 in the second quarter of fiscal 2026, or a loss per share of $0.05, based on 30,422,794 diluted weighted average shares outstanding. This is compared to a net loss attributable to common stockholders of $2,319 in the second quarter of fiscal 2025, or a loss per share of $0.07, based on 31,453,434 diluted weighted average shares outstanding. 40 Table of Contents Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 The following is a comparison of our results of operations for the six months ended June 30, 2026, which we refer to as the “first six months of fiscal 2026,” compared to the six months ended June 30, 2025, which we refer to as the “first six months of fiscal 2025.” Revenues. For the first six months of fiscal 2026 and the first six months of fiscal 2025, our revenues, in thousands and as a percentage of total revenues, were as follows: For the Six Months Ended June 30, (unaudited) 2026 2025 2026 vs 2025 As a % of As a % of Total Total Amount Revenues Amount Revenues $ Variance Revenues: Billboard rentals, net $ 22,696 51.7% $ 22,205 51.9% $ 491 Broadband services 21,227 48.3% 20,554 48.1% 673 Investment and other income 1 0.0% 17 0.0% (16 ) Total Revenues $ 43,924 100.0% $ 42,776 100.0% $ 1,148 We realized total revenues of $43,924 during the first six months of fiscal 2026, an increase of 2.7% over revenues of $42,776 during the first six months of fiscal 2025. The key factors impacting revenue across each of our businesses during the first six months of fiscal 2026 were as follows: ● Net billboard rentals in the first six months of fiscal 2026 increased 2.2% when compared to the first six months of fiscal 2025, reflecting steady rental and occupancy rates across a number of our markets. ● Revenue from broadband services in the first six months of fiscal 2026 increased 3.3% from the first six months of fiscal 2025, mainly reflecting subscriber growth across a number of our markets. ● Investment and other income at BOAM decreased from $17 in the first six months of fiscal 2025 to $1 in the first six months of fiscal 2026. 41 Table of Contents Expenses. For the first six months of fiscal 2026 and the first six months of fiscal 2025, our expenses, in thousands and as a percentage of total revenues, were as follows: For the Six Months Ended June 30, (unaudited) 2026 2025 2026 vs 2025 As a % of As a % of Total Total Amount Revenues Amount Revenues $ Variance Costs and Expenses: Cost of billboard revenues $ 7,023 16.0% $ 7,547 17.6% $ (524 ) Cost of broadband revenues 5,229 11.9% 4,689 11.0% 540 Employee costs 12,037 27.4% 12,680 29.6% (643 ) Professional fees 1,775 4.0% 1,239 2.9% 536 Depreciation 8,939 20.4% 8,085 18.9% 854 Amortization 3,696 8.4% 3,786 8.9% (90 ) General and administrative 6,439 14.7% 6,128 14.3% 311 (Gain) loss on disposition of assets (163 ) (0.4%) 48 0.1% (211 ) Accretion 108 0.2% 108 0.3% 0 Total Costs and Expenses $ 45,083 102.6% $ 44,310 103.6% $ 773 During the first six months of fiscal 2026, we had total costs and expenses of $45,083, as compared to total costs and expenses of $44,310 in the first six months of fiscal 2025. Total costs and expenses as a percentage of total revenues decreased from 103.6% in the first six months of fiscal 2025 to 102.6% in the first six months of fiscal 2026. The key factors impacting costs and expenses across each of our businesses during the first six months of fiscal 2026 were as follows: ● Cost of billboard revenues decreased as a percentage of billboard revenues from 34.0% in the first six months of fiscal 2025 to 30.9% in the first six months of fiscal 2026. The decrease was mainly driven by lower ground rent expense as a percentage of billboard revenues. ● Cost of broadband revenues increased as a percentage of broadband revenues from 22.8% in the first six months of fiscal 2025 to 24.6% in the first six months of fiscal 2026. The increase was mainly driven by higher network operations and data costs as a percentage of broadband revenues. ● Employee costs in the first six months of fiscal 2026 were $12,037, or 27.4% of total revenues, as compared to $12,680, or 29.6% of total revenues, in the first six months of fiscal 2025. The decrease was mainly driven by headcount reductions within our broadband businesses. ● Professional fees in the first six months of fiscal 2026 were $1,775, or 4.0% of total revenues, as compared to $1,239, or 2.9% of total revenues, in the first six months of fiscal 2025. The increase was mainly driven by higher professional fees at Boston Omaha's parent company related to the sale of GIG. ● General and administrative expenses in the first six months of fiscal 2026 were $6,439, or 14.7% of total revenues, as compared to $6,128, or 14.3% of total revenues, in the first six months of fiscal 2025. The increase was mainly driven by the use of contract labor within our broadband businesses and accrued director compensation at Boston Omaha's parent company. ● Non-cash expenses in the first six months of fiscal 2026 included $8,939 in depreciation expense, $3,696 in amortization expense, and $108 in accretion expense mainly related to asset retirement obligations for certain billboard assets. The increase in depreciation expense is mainly driven by continued capital investments within our broadband businesses. 42 Table of Contents Net Loss from Operations. Net loss from operations for the first six months of fiscal 2026 was $1,159, or 2.6% of total revenues, as compared to a net loss from operations of $1,534, or 3.6% of total revenues, in the first six months of fiscal 2025. The decrease in net loss from operations was primarily due to improved operations within our billboard and broadband businesses, which were partially offset by higher professional fees at Boston Omaha's parent company mainly related to the sale of GIG. Our net loss from operations included $12,743 from non-cash depreciation, amortization, and accretion expenses in the first six months of fiscal 2026, as compared to $11,979 in the first six months of fiscal 2025. Other Income (Expense). During the first six months of fiscal 2026, we had net other expense of $4,493, which included non-cash losses of $2,095 from unconsolidated affiliates mainly related to our share of Sky Harbour's loss from operations, a $1,437 unrealized loss on the Sky Harbour warrants held by Boston Omaha, losses of $1,220 within BOAM primarily related to changes in the fair value of the underlying assets within the 24th Street and BFR Funds, and interest expense of $1,216 mainly incurred under Link's term loan and revolver and BOB's credit facility. These items were partially offset by $963 in realized gains on the sale of 331,500 shares of Sky Harbour Class A common stock and interest and dividend income of $529. During the first six months of fiscal 2025, we had net other expense of $6,631, which included a $9,418 unrealized loss on the Sky Harbour warrants held by Boston Omaha, losses of $4,660 within BOAM primarily related to changes in the fair value of the remaining assets within the 24th Street and BFR Funds, and interest expense of $1,115 mainly incurred under Link's term loan and revolver and BOB's credit facility. These items were partially offset by $4,135 in realized gains on the sale of 730,095 shares of Sky Harbour Class A common stock, income of $3,833 from unconsolidated affiliates mainly related to our equity method position in Sky Harbour, and interest and dividend income of $545. Generally accepted accounting principles ("GAAP") require us to include the unrealized changes in market prices of investments in public equity securities in our reported earnings. Due to the size of our percentage ownership interest in Sky Harbour's Class A common stock and our right to elect one of the seven members of Sky Harbour's Board of Directors, our investment is recorded under the equity method and we do not include any unrealized gains or losses related to the change in Sky Harbour's stock price in our reported earnings. In the future, if we are deemed to no longer have significant influence, we may no longer be able to record our investment under the equity method and will be required to include any unrealized gains or losses related to the change in Sky Harbour's stock price in our reported earnings. While we intend to hold our current securities for the longer term, we may in the future choose to sell them for a variety of reasons resulting in realized losses or gains. Additionally, we have evaluated our investment in Sky Harbour as of June 30, 2026, and determined that there was not an other-than-temporary impairment. Our conclusion was based on several contributing factors, including: (i) our assessment that the underlying business and financial condition of Sky Harbour is favorable, (ii) Sky Harbour's stock price trading above our carrying value for an extended period of time, and (iii) our ability and intent to hold the investment. We will continue to review our investment in Sky Harbour for an other-than-temporary impairment on a quarterly basis or upon the occurrence of certain events. If Sky Harbour's stock price drops below our carrying value of $6.17 per share for a sustained period of time, it will likely result in an impairment of our investment. There may also be a future impairment of our investment if our expectations about Sky Harbour's prospective results of operations and cash flows decline, which could be influenced by a variety of factors including adverse market conditions. Income (Loss) from Discontinued Operations. On May 18, 2026, we announced that CopperPoint Insurance Company will acquire 100% of the equity interests in GIG for approximately $84.3 million. The transaction is expected to close in the second half of 2026 following receipt of all regulatory and other approvals required under the Securities Purchase Agreement. As a result, the Company has classified the results and cash flows of the GIG business as discontinued operations in our Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows for all periods presented. The related assets and liabilities associated with the discontinued operations are classified as held for sale in the Condensed Consolidated Balance Sheets. During the first six months of fiscal 2026, we had a loss of $185 from discontinued operations compared to income of $178 during the first six months of fiscal 2025. See Note 14. Discontinued Operations in the Company's Condensed Consolidated Financial Statements for additional information. Net Loss Attributable to Common Stockholders. We had a net loss attributable to common stockholders in the amount of $3,760 in the first six months of fiscal 2026, or a loss per share of $0.12, based on 30,612,655 diluted weighted average shares outstanding. This is compared to a net loss attributable to common stockholders of $2,989 in the first six months of fiscal 2025, or a loss per share of $0.10, based on 31,440,934 diluted weighted average shares outstanding. 43 Table of Contents Results of Operations by Segment The following tables report results, in thousands and as a percentage of segment revenues, for the following three segments in which we operate: billboards, broadband, and asset management for the second quarter of fiscal 2026 and the second quarter of fiscal 2025: Results of Billboard Operations For the Three Months Ended June 30, (unaudited) 2026 2025 As a % of As a % of Segment Segment Operating Operating Amount Revenues Amount Revenues Operating Revenues Billboard rentals, net $ 11,723 100.0 % $ 11,441 100.0 % Cost of Revenues Ground rents 1,897 16.2 % 2,087 18.2 % Utilities 433 3.7 % 463 4.1 % Commissions paid 734 6.3 % 742 6.5 % Other costs of revenues 469 4.0 % 411 3.6 % Total cost of revenues 3,533 30.2 % 3,703 32.4 % Gross margin 8,190 69.8 % 7,738 67.6 % Other Operating Expenses Employee costs 2,221 19.0 % 2,137 18.6 % Professional fees 106 0.9 % 63 0.5 % Depreciation 1,352 11.5 % 1,324 11.6 % Amortization 963 8.2 % 971 8.5 % General and administrative 1,082 9.2 % 1,059 9.3 % Accretion 49 0.4 % 50 0.4 % Gain on disposition of assets (224 ) (1.9 %) (92 ) (0.8 %) Total expenses 5,549 47.3 % 5,512 48.1 % Segment Income from Operations 2,641 22.5 % 2,226 19.5 % Interest expense, net (338 ) (2.9 %) (378 ) (3.3 %) Net Income from Continuing Operations Attributable to Common Stockholders $ 2,303 19.6 % $ 1,848 16.2 % Comparison of the Second Quarter of Fiscal 2026 to the Second Quarter of Fiscal 2025. In the second quarter of fiscal 2026, net billboard revenues increased by 2.5% when compared to the second quarter of fiscal 2025, reflecting steady rental and occupancy rates across a number of our markets. The key factors affecting our billboard operations results during the second quarter of fiscal 2026 were as follows:  ● Ground rent expense as a percentage of total segment operating revenues decreased from 18.2% in the second quarter of fiscal 2025 to 16.2% in the second quarter of fiscal 2026. The decrease is mainly due to ASC 842 lease accounting entries stemming from changes in our lease portfolio. ● Commissions paid as a percentage of total segment operating revenues decreased from 6.5% in the second quarter of fiscal 2025 to 6.3% in the second quarter of fiscal 2026. ● Employee costs as a percentage of total segment operating revenues increased from 18.6% in the second quarter of fiscal 2025 to 19.0% in the second quarter of fiscal 2026. ● General and administrative expenses decreased slightly as a percentage of total segment operating revenues from 9.3% in the second quarter of fiscal 2025 to 9.2% in the second quarter of fiscal 2026. ● Depreciation and amortization expenses as a percentage of total segment operating revenues were 11.5% and 8.2% in the second quarter of fiscal 2026 compared to 11.6% and 8.5% in the second quarter of fiscal 2025, respectively. ● Net interest expense was $338 in the second quarter of fiscal 2026 compared to net interest expense of $378 in the second quarter of fiscal 2025. The decrease is mainly driven by principal repayments on the revolving line of credit.  44 Table of Contents Results of Broadband Operations For the Three Months Ended June 30, (unaudited) 2026 2025 As a % of As a % of Segment Segment Operating Operating Amount Revenues Amount Revenues Operating Revenues Broadband revenues $ 10,477 100.0% $ 10,234 100.0% Cost of Revenues Network operations and data costs 1,575 15.0% 1,285 12.5% Software costs 252 2.4% 189 1.9% Cell site rent and utilities 332 3.2% 357 3.5% Other costs of revenues 505 4.8% 485 4.7% Total cost of revenues 2,664 25.4% 2,316 22.6% Gross margin 7,813 74.6% 7,918 77.4% Other Operating Expenses Employee costs 3,417 32.6% 3,747 36.6% Professional fees 144 1.4% 152 1.5% Depreciation 3,153 30.1% 2,750 26.9% Amortization 896 8.6% 902 8.8% General and administrative 1,839 17.6% 1,801 17.6% Accretion 4 0.0% 4 0.0% Loss on disposition of assets 85 0.8% 16 0.2% Total expenses 9,538 91.1% 9,372 91.6% Segment Loss from Operations (1,725 ) (16.5%) (1,454 ) (14.2%) Interest expense, net (207 ) (2.0%) (123 ) (1.2%) Noncontrolling interest in subsidiary income (3 ) (0.1%) - - Net Loss from Continuing Operations Attributable to Common Stockholders $ (1,935 ) (18.5%) $ (1,577 ) (15.4%) Comparison of the Second Quarter of Fiscal 2026 to the Second Quarter of Fiscal 2025. In the second quarter of fiscal 2026, total operating revenues increased by 2.4% when compared to the second quarter of fiscal 2025 mainly reflecting subscriber growth across a number of our markets. The key factors affecting our broadband operations results during the second quarter of fiscal 2026 were as follows: ● Network operations and data costs as a percentage of total segment operating revenues increased from 12.5% in the second quarter of fiscal 2025 to 15.0% in the second quarter of fiscal 2026. The increase is mainly driven by increased cell site circuit costs related to new project developments. ● Employee costs as a percentage of total segment operating revenues decreased from 36.6% in the second quarter of fiscal 2025 to 32.6% in the second quarter of fiscal 2026. The decrease is mainly driven by headcount reductions within our broadband businesses. ● Depreciation expense increased by $403 from the second quarter of fiscal 2025. The increase in depreciation expense is mainly driven by continued capital investments within our broadband businesses. ● General and administrative expenses as a percentage of total segment operating revenues remained flat at 17.6% in the second quarter of fiscal 2025 and in the second quarter of fiscal 2026. ● Net interest expense was $207 in the second quarter of fiscal 2026 compared to net interest expense of $123 in the second quarter of fiscal 2025. The increase is mainly driven by the borrowings on the BOB credit facility. ● Noncontrolling interest in subsidiary income of $3 in the second quarter of fiscal 2026 is related to joint venture projects at FFH. 45 Table of Contents Results of Asset Management Operations For the Three Months Ended June 30, (unaudited) 2026 2025 Amount Amount Operating Revenues Investment and other income $ - n/a $ 4 n/a Cost of Revenues Total cost of revenues - n/a - n/a Gross margin - n/a 4 n/a Other Operating Expenses Employee costs - n/a - n/a Professional fees 108 n/a 142 n/a Depreciation - n/a - n/a Amortization - n/a - n/a General and administrative 1 n/a 2 n/a Total expenses 109 n/a 144 n/a Segment Loss from Operations (109 ) n/a (140 ) n/a Interest and dividend income 5 n/a 8 n/a Other investment loss (844 ) n/a (2,640 ) n/a Noncontrolling interest in subsidiary loss 556 n/a 2,250 n/a Net Loss from Continuing Operations Attributable to Common Stockholders $ (392 ) n/a $ (522 ) n/a Comparison of the Second Quarter of Fiscal 2026 to the Second Quarter of Fiscal 2025. In September 2017, we formed our asset management business. Throughout fiscal 2022 and fiscal 2023, we had been hiring within our asset management business to ensure adequate staffing for the anticipated demands and needs of the business. In May 2023, we acquired 100% of the membership interests in 24th Street from the members of 24th Street other than BOAM. As previously mentioned, we are winding down BOAM's operations and have implemented significant cost-cutting measures, which occurred principally in the second half of fiscal 2024. Therefore, comparisons of our asset management results for the second quarter of fiscal 2026 and the second quarter of fiscal 2025 may not be meaningful. The key factors affecting our asset management operations results during the second quarter of fiscal 2026 were as follows: ● Professional fees decreased by $34 in the second quarter of fiscal 2026 when compared to the second quarter of fiscal 2025. Professional fees are mainly related to accounting and audit fees at the fund level as well as the services agreement with Local Asset Management LLC to provide management services associated with the wind down of the 24th Street Funds and BFR Fund. The services agreement provides for consulting fees which reduce over time as assets managed within the funds are sold. ● General and administrative expenses in the second quarter of fiscal 2026 decreased by $1 from the second quarter of fiscal 2025. ● Other investment loss of $844 in the second quarter of fiscal 2026 primarily included the changes in the fair value of the 24th Street Funds and BFR Fund, mainly driven by a decline in value of the underlying real estate properties. ● Noncontrolling interest in subsidiary loss of $556 in the second quarter of fiscal 2026 primarily included the external limited partners' share of GAAP losses within the 24th Street Funds and BFR Fund, mainly driven by the change in fair value referenced above. 46 Table of Contents Results of Operations by Segment The following tables report results, in thousands and as a percentage of segment revenues, for the following three segments in which we operate: billboards, broadband, and asset management for the first six months of fiscal 2026 and the first six months of fiscal 2025: Results of Billboard Operations For the Six Months Ended June 30, (unaudited) 2026 2025 As a % of As a % of Segment Segment Operating Operating Amount Revenues Amount Revenues Operating Revenues Billboard rentals, net $ 22,696 100.0% $ 22,205 100.0% Cost of Revenues Ground rents 3,829 16.9% 4,328 19.5% Utilities 894 3.9% 949 4.3% Commissions paid 1,390 6.1% 1,455 6.5% Other costs of revenues 910 4.0% 815 3.7% Total cost of revenues 7,023 30.9% 7,547 34.0% Gross margin 15,673 69.1% 14,658 66.0% Other Operating Expenses Employee costs 4,451 19.6% 4,363 19.6% Professional fees 196 0.9% 125 0.6% Depreciation 2,683 11.8% 2,614 11.8% Amortization 1,915 8.4% 1,933 8.7% General and administrative 2,066 9.1% 2,048 9.2% Accretion 101 0.5% 101 0.5% Gain on disposition of assets (220 ) (1.0%) (18 ) (0.1%) Total expenses 11,192 49.3% 11,166 50.3% Segment Income from Operations 4,481 19.8% 3,492 15.7% Interest expense, net (676 ) (3.0%) (753 ) (3.4%) Net Income from Continuing Operations Attributable to Common Stockholders $ 3,805 16.8% $ 2,739 12.3% Comparison of the First Six Months of Fiscal 2026 to the First Six Months of Fiscal 2025. In the first six months of fiscal 2026, net billboard revenues increased by 2.2% when compared to the first six months of fiscal 2025, reflecting steady rental and occupancy rates across a number of our markets. The key factors affecting our billboard operations results during the first six months of fiscal 2026 were as follows:  ● Ground rent expense as a percentage of total segment operating revenues decreased from 19.5% in the first six months of fiscal 2025 to 16.9% in the first six months of fiscal 2026. The decrease is mainly due to ASC 842 lease accounting entries stemming from changes in our lease portfolio. ● Commissions paid as a percentage of total segment operating revenues decreased from 6.5% in the first six months of fiscal 2025 to 6.1% in the first six months of fiscal 2026. ● Employee costs as a percentage of total segment operating revenues remained flat at 19.6% in the first six months of fiscal 2025 and in the first six months of fiscal 2026. ● General and administrative expenses decreased slightly as a percentage of total segment operating revenues from 9.2% in the first six months of fiscal 2025 to 9.1% in the first six months of fiscal 2026. ● Depreciation and amortization expenses as a percentage of total segment operating revenues were 11.8% and 8.4% in the first six months of fiscal 2026 compared to 11.8% and 8.7% in the first six months of fiscal 2025, respectively. ● Net interest expense was $676 in the first six months of fiscal 2026 compared to net interest expense of $753 in the first six months of fiscal 2025. The decrease is mainly driven by principal repayments on the revolving line of credit.  47 Table of Contents Results of Broadband Operations For the Six Months Ended June 30, (unaudited) 2026 2025 As a % of As a % of Segment Segment Operating Operating Amount Revenues Amount Revenues Operating Revenues Broadband revenues $ 21,227 100.0% $ 20,554 100.0% Cost of Revenues Network operations and data costs 3,081 14.5% 2,591 12.6% Software costs 477 2.2% 342 1.7% Cell site rent and utilities 671 3.2% 708 3.4% Other costs of revenues 1,000 4.7% 1,048 5.1% Total cost of revenues 5,229 24.6% 4,689 22.8% Gross margin 15,998 75.4% 15,865 77.2% Other Operating Expenses Employee costs 6,593 31.1% 7,336 35.7% Professional fees 259 1.2% 278 1.4% Depreciation 6,218 29.3% 5,417 26.3% Amortization 1,781 8.4% 1,770 8.6% General and administrative 3,518 16.5% 3,322 16.2% Accretion 7 0.0% 7 0.0% Loss on disposition of assets 57 0.3% 66 0.3% Total expenses 18,433 86.8% 18,196 88.5% Segment Loss from Operations (2,435 ) (11.4%) (2,331 ) (11.3%) Interest expense, net (415 ) (2.0%) (225 ) (1.1%) Noncontrolling interest in subsidiary income (11 ) (0.1%) - - Net Loss from Continuing Operations Attributable to Common Stockholders $ (2,861 ) (13.5%) $ (2,556 ) (12.4%) Comparison of the First Six Months of Fiscal 2026 to the First Six Months of Fiscal 2025. In the first six months of fiscal 2026, total operating revenues increased by 3.3% when compared to the first six months of fiscal 2025 mainly reflecting subscriber growth across a number of our markets. The key factors affecting our broadband operations results during the first six months of fiscal 2026 were as follows: ● Network operations and data costs as a percentage of total segment operating revenues increased from 12.6% in the first six months of fiscal 2025 to 14.5% in the first six months of fiscal 2026. The increase is mainly driven by increased cell site circuit costs related to new project developments. ● Employee costs as a percentage of total segment operating revenues decreased from 35.7% in the first six months of fiscal 2025 to 31.1% in the first six months of fiscal 2026. The decrease is mainly driven by headcount reductions within our broadband businesses. ● Depreciation expense increased by $801 from the first six months of fiscal 2025. The increase in depreciation expense is mainly driven by continued capital investments within our broadband businesses. ● General and administrative expenses as a percentage of total segment operating revenues increased from 16.2% in the first six months of fiscal 2025 to 16.5% in the first six months of fiscal 2026. The increase is mainly driven by the use of contract labor within our broadband businesses. ● Net interest expense was $415 in the first six months of fiscal 2026 compared to net interest expense of $225 in the first six months of fiscal 2025. The increase is mainly driven by the borrowings on the BOB credit facility. ● Noncontrolling interest in subsidiary income of $11 in the first six months of fiscal 2026 is related to joint venture projects at FFH. 48 Table of Contents Results of Asset Management Operations For the Six Months Ended June 30, (unaudited) 2026 2025 As a % of As a % of Segment Segment Operating Operating Amount Revenues Amount Revenues Operating Revenues Investment and other income $ 1 n/a $ 17 n/a Cost of Revenues Total cost of revenues - n/a - n/a Gross margin 1 n/a 17 n/a Other Operating Expenses Employee costs - n/a - n/a Professional fees 324 n/a 398 n/a Depreciation - n/a - n/a Amortization - n/a - n/a General and administrative 61 n/a 35 n/a Total expenses 385 n/a 433 n/a Segment Loss from Operations (384 ) n/a (416 ) n/a Interest and dividend income 10 n/a 16 n/a Other investment loss (1,220 ) n/a (4,660 ) n/a Noncontrolling interest in subsidiary loss 971 n/a 4,008 n/a Net Loss from Continuing Operations Attributable to Common Stockholders $ (623 ) n/a $ (1,052 ) n/a Comparison of the First Six Months of Fiscal 2026 to the First Six Months of Fiscal 2025. In September 2017, we formed our asset management business. Throughout fiscal 2022 and fiscal 2023, we had been hiring within our asset management business to ensure adequate staffing for the anticipated demands and needs of the business. In May 2023, we acquired 100% of the membership interests in 24th Street from the members of 24th Street other than BOAM. As previously mentioned, we are winding down BOAM's operations and have implemented significant cost-cutting measures, which occurred principally in the second half of fiscal 2024. Therefore, comparisons of our asset management results for the first six months of fiscal 2026 and the first six months of fiscal 2025 may not be meaningful. The key factors affecting our asset management operations results during the first six months of fiscal 2026 were as follows: ● Professional fees decreased by $74 in the first six months of fiscal 2026 when compared to the first six months of fiscal 2025. Professional fees are mainly related to accounting and audit fees at the fund level as well as the services agreement with Local Asset Management LLC to provide management services associated with the wind down of the 24th Street Funds and BFR Fund. The services agreement provides for consulting fees which reduce over time as assets managed within the funds are sold. ● General and administrative expenses in the first six months of fiscal 2026 increased by $26 from the first six months of fiscal 2025. ● Other investment loss of $1,220 in the first six months of fiscal 2026 primarily included the changes in the fair value of the 24th Street Funds and BFR Fund, mainly driven by a decline in value of the underlying real estate properties. ● Noncontrolling interest in subsidiary loss of $971 in the first six months of fiscal 2026 primarily included the external limited partners' share of GAAP losses within the 24th Street Funds and BFR Fund, mainly driven by the change in fair value referenced above. 49 Table of Contents Cash Flows Cash Flows for the First Six Months of Fiscal 2026 compared to the First Six Months of Fiscal 2025 The table below summarizes our cash flows from continuing operations, in thousands, for the first six months of fiscal 2026 and the first six months of fiscal 2025: Six Months Six Months Ended Ended June 30, 2026 June 30, 2025 (unaudited) (unaudited) Net cash provided by operating activities $ 10,130 $ 8,180 Net cash provided by (used in) investing activities 4,328 (10,618 ) Net cash (used in) provided by financing activities (17,311 ) 5,054 Net (decrease) increase in cash, cash equivalents, and restricted cash $ (2,853 ) $ 2,616 Net Cash Provided by Operating Activities. Net cash provided by operating activities was $10,130 for the first six months of fiscal 2026 compared to $8,180 for the first six months of fiscal 2025. The increase in net cash provided by operating activities was mainly driven by improved cash flow generation within our billboard and broadband businesses. Net Cash Provided by (Used in) Investing Activities. Net cash provided by investing activities was $4,328 for the first six months of fiscal 2026 as compared with net cash used in investing activities of $10,618 for the first six months of fiscal 2025. During the first six months of fiscal 2026, net cash provided by investing activities is primarily attributable to $15,573 in net cash proceeds mainly from the sale of U.S. Treasury securities and other investments, which were partially offset by $11,779 in capital expenditures mainly within our broadband businesses. Net Cash (Used in) Provided by Financing Activities. Net cash used in financing activities was $17,311 during the first six months of fiscal 2026 as compared to net cash provided by financing activities of $5,054 during the first six months of fiscal 2025. During the first six months of fiscal 2026, net cash used in financing activities mainly consisted of $10,574 in stock repurchases, $5,587 in distributions to noncontrolling interests from the 24th Street and BFR Funds, and $1,190 in principal repayments on long-term debt. Liquidity and Capital Resources Currently, we own billboards in Alabama, Arkansas, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, Nevada, Oklahoma, South Dakota, Tennessee, Virginia, West Virginia, and Wisconsin, a surety insurance company we acquired in December 2016, surety insurance brokerage firms we acquired in 2016, 2017 and 2021, broadband services providers whose assets we acquired in 2020, 2022 and 2023, an asset management business, minority investments in commercial real estate management and brokerage services, a bank focused on servicing the automotive loan market, and a developer of private aviation infrastructure focused on building, leasing, and managing business aviation hangars. At June 30, 2026, we had approximately $15.1 million in unrestricted cash and approximately $16.4 million in short-term U.S. Treasury securities. Our strategy is to continue to expand certain parts of our existing businesses as well as acquire other businesses and open new businesses which we believe have the potential to generate positive cash flows when made at what we believe to be attractive prices relative to other opportunities generally available to us. We currently expect to finance any future acquisitions and investments with cash, debt and seller or third-party financing. In the future, we may satisfy all or a portion of the purchase price for an acquisition with our equity securities. In addition, we have made investments in several companies and expect to continue to make investments in the securities of both publicly traded and privately held companies. We reserve the right to dispose of a business or subset of a business unit if, based upon management’s periodic review of our portfolio, our Board of Directors determines that such action would be in our best interest. On November 14, 2025, the Board approved and authorized 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. From November 2025 through the first six months of fiscal 2026, we repurchased 1,271,320 shares of our Class A common stock for a total cost of approximately $16.3 million. There can be no assurance that we will consummate any subsequent acquisitions. Furthermore, our acquisitions are subject to a number of risks and uncertainties, including as to when, whether and to what extent the anticipated benefits and cost savings of a particular acquisition will be realized. Our failure to successfully identify and complete future acquisitions of assets or businesses could reduce future potential earnings and available cash and slow our anticipated growth. If we elect to sell all or a portion of a business unit, the sale of the disposed unit may disrupt operations, cause key talent loss, or create difficulties in separating shared services, impacting the remaining business's financial performance. If we elect to sell all or a portion of a business unit, we may fail to secure a buyer, fail to consummate the transaction, or face prolonged closing timelines due to delays in obtaining any required approvals by government agencies or our lenders. Divestitures can also result in reduced cash flow, unexpected tax consequences, or the need to write down goodwill associated with the disposed business unit. Although we have entered into, and expect to continue to enter into, non-binding letters of intent to acquire businesses on a regular basis, we do not currently have any agreements, commitments or understandings for any specific material acquisitions that are probable of being consummated at this time. To date, we have raised funds through the sale of our common stock in public offerings, sales of our common stock in “at-the-market” programs, term loan financings through our Link and BOB subsidiaries, proceeds from the sale of publicly traded and private company securities held by us, cash flow from operations, and, prior to 2019, through private placements of our common stock. 50 Table of Contents 2022 Shelf Registration Statement In April 2022, we filed the 2022 Shelf Registration Statement on Form S-3 (File No. 333-264470) that was declared effective on May 11, 2022, relating to the registration of Class A common stock, preferred stock, debt securities and warrants of the Company for up to $500 million. 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 shareholders are 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. No officer or director has any beneficial interest in any shares eligible for resale by the selling shareholders. In May 2022, we also registered 1,018,660 shares of Class A common stock held by Magnolia and 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 June 30, 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. Although we have no current plans to do so, we may in the future file a new shelf registration statement which would allow us, from time to time, in one or more offerings, to offer and sell Class A common stock or preferred stock, various series of debt securities and/or warrants. We or any selling security holders may offer these securities from time to time in amounts, at prices and on terms determined at the time of the offering. We may sell these securities to or through one or more underwriters, dealers or agents, or directly to purchasers on a delayed or continuous basis. Unless otherwise set forth in an applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities that we may offer for general corporate purposes, including, but not limited to, financing our existing businesses and operations, and expanding our businesses and operations through additional hires, strategic alliances, and acquisitions. Unless otherwise set forth in a prospectus supplement, we will not receive any proceeds from the sale of securities by any selling stockholders. Link Credit Agreement 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 for 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. On December 6, 2021, Link entered into a Fourth Amendment to Credit Agreement, which modified the Credit Agreement by increasing the borrowing limit to $30 million and combining the outstanding balances under Term Loan 1 and Term Loan 2 as well as any incremental borrowings into a term loan (“Term Loan”). The Term Loan is 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. The loan is not guaranteed by Boston Omaha or any of our non-billboard businesses. Principal amounts under the Term Loan are payable in monthly installments according to a 25-year amortization schedule. The Term Loan is payable in full on December 6, 2028. The Term Loan has a fixed interest rate of 4.00% per annum. On May 30, 2024, Link entered into a Ninth Amendment to Credit Agreement, which modified the Credit Agreement by increasing the maximum availability under the revolving line of credit from $10 million to $15 million. 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 now due and payable on August 12, 2029. Long-term debt included within our Condensed Consolidated Balance Sheets as of June 30, 2026 consists of Link’s Term Loan borrowings of approximately $25.2 million, of which approximately $0.9 million is classified as current, and $9.1 million related to the revolving line of credit. Under the Term Loan, 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 June 30, 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 loan. Upon the occurrence of certain insolvency and bankruptcy events of default, the loan will automatically accelerate. The foregoing summary of the Credit Agreement and the transactions contemplated thereby does not purport to be a complete description and is qualified in its entirety by reference to the terms and conditions of the Credit Agreement and Security Agreement, copies of which are attached as Exhibit 10.1 and Exhibit 10.2, respectively to our Form 8-K as filed with the SEC on August 13, 2019, a First Amendment to Credit Agreement with the Lender as filed as Exhibit 10.1 on Form 8-K as filed with the SEC on October 29, 2019, a Second Amendment to Credit Agreement with the Lender as filed as Exhibit 10.1 on Form 8-K as filed with the SEC on June 30, 2020, a Third Amendment to Credit Agreement with the Lender as filed as Exhibit 10.1 on Form 8-K as filed with the SEC on August 24, 2021, a Fourth Amendment to Credit Agreement with the Lender as filed as Exhibit 10.1 on Form 8-K as filed with the SEC on December 9, 2021, a Fifth Amendment to Credit Agreement with the Lender as filed as Exhibit 10.1 on Form 8-K as filed with the SEC on June 3, 2022, a Sixth Amendment to Credit Agreement with the Lender as filed as Exhibit 10.1 on Form 8-K as filed with the SEC on April 11, 2023, a Seventh Amendment to Credit Agreement with the Lender as filed as Exhibit 10.1 on Form 8-K as filed with the SEC on September 26, 2023, an Eighth Amendment to Credit Agreement with the Lender as filed as Exhibit 10.1 on Form 8-K as filed with the SEC on February 16, 2024, a Ninth Amendment to Credit Agreement with the Lender as filed as Exhibit 10.1 on Form 8-K as filed with the SEC on June 5, 2024, and a Tenth Amendment to Credit Agreement with the Lender as filed as Exhibit 10.20 on Form 10-K as filed with the SEC on March 30, 2026. 51 Table of Contents Boston Omaha Broadband Credit Agreement 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 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 three operating subsidiaries which are the borrowers under the BOB Credit Agreements are FIF AireBeam, LLC, FIF St George, LLC, and FIF Utah, LLC (collectively, the “Borrowers”). The loans are guaranteed by BOB but are 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. On October 29, 2025, BOB entered into a First Amendment to BOB Credit Agreements, which modified the BOB Credit Agreements by extending the term loan draw expiration date to December 31, 2025. 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. As of June 30, 2026, the outstanding term loan end dates range from October 1, 2029 to November 18, 2030. 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 BOB Credit Facility equal to 0.25% of any unused portion of the $20 million loan commitment. 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. BOB was in compliance with these covenants as of June 30, 2026. 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 of their assets to the Lender. The foregoing summaries of the BOB Credit Agreements and the transactions contemplated thereby do not purport to be a complete description and are qualified in their entirety by reference to the terms and conditions of each of the BOB Credit Agreements, copies of which are included as Exhibits 10.22 and 10.28 on Form 10-K as filed with the SEC on March 30, 2026. Long-term debt included within our Condensed Consolidated Balance Sheets as of June 30, 2026 consists of approximately $13.2 million under the BOB Credit Agreements, of which approximately $1.5 million is classified as current. FIF Utah ReConnect Loan and Grant Agreement As previously announced on a Form 8-K filed by the Company with the SEC on June 15, 2026, on June 9, 2026, FIF Utah, a wholly owned subsidiary of BOB, received final funding approval from the United States Department of Agriculture of a grant and loan award under the Rural Utilities Service ReConnect Program (the "ReConnect Program"). The loan and grant are each for approximately $11.5 million. Award funds may be used to pay for the following costs: (i) to fund the construction or improvement of facilities required to provide fixed terrestrial broadband service; (ii) to fund reasonable pre-application expenses; and (iii) to fund the acquisition and improvement of an existing system that is currently providing insufficient broadband service. Under the terms of the Loan and Grant Agreement, the loan (the "ReConnect Loan") will be in the form of long-term debt available as requested by BOB in multiple drawdowns over a period not to exceed five years from the date of the award, with plans to use such funds to deploy fiber to approximately 3,000 locations within FIF Utah's surrounding qualifying markets. The loan portion is a 22-year term loan (the "Promissory Note") secured by certain collateral of FIF Utah with interest at the applicable U.S. Treasury rate then in effect at the time of drawdown and subject to customary events of default and remedies. Interest and principal payments are deferred for a period of three years from the specific drawdown with accrued interest amortized over the remaining terms of the loan. The Company, as the ultimate parent of FIF Utah, has unconditionally guaranteed any sums due under the ReConnect Loan and the ReConnect Program (the "ReConnect Guarantee"). Each of the Loan and Grant Agreement and the ReConnect Guarantee contain customary representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants and events of default customary for financings under the ReConnect Program. Upon the occurrence of an event of default, the lender may accelerate all sums due under the ReConnect Loan. Upon the occurrence of certain insolvency and bankruptcy events of default, the ReConnect Loan will automatically accelerate. The foregoing summary of each of the Loan and Grant Agreement, the ReConnect Promissory Note and the Guarantee Agreement and the transactions contemplated thereby does not purport to be a complete description and is qualified in its entirety by reference to the terms and conditions as set forth in the Loan and Grant Agreement attached as Exhibit 10.1 to this Form 10-Q, the Promissory Note attached hereto as Exhibit 10.2 to this Form 10-Q, and the Guarantee Agreement attached as Exhibit 10.3 to this Form 10-Q. As of June 30, 2026, FIF Utah had not borrowed any sums due under the ReConnect Loan. 52 Table of Contents Investments in Yellowstone Acquisition Company and Sky Harbour In 2020, we acted as the sponsor for the initial public offering of Yellowstone and purchased 3,399,724 shares of Yellowstone Class B common stock and 7,719,779 private placement warrants at a combined cost of approximately $7.8 million. On August 1, 2021, we entered into an equity purchase agreement with Sky Harbour LLC by which Sky Harbour LLC unitholders would acquire a majority interest in the combined businesses following the completion of a business combination. As part of the equity purchase agreement, and immediately prior to the completion by Sky Harbour LLC of a private activity bond financing raising $160 million in proceeds in September 2021, we purchased Series B Preferred Units in Sky Harbour LLC for a purchase price of $55 million, which Series B Preferred Units converted to 5,500,000 shares of Sky Harbour Class A common stock upon the closing of the Sky Harbour business combination on January 25, 2022. Also, upon the closing of the business combination, we purchased an additional 4,500,000 shares of Sky Harbour Class A common stock for a purchase price of $45 million. ● Upon the closing of the Sky Harbour business combination, our Class B common stock converted to Class A common stock of Sky Harbour and our private placement warrants are now exercisable to purchase 7,719,779 shares of Class A common stock of Sky Harbour. ● Each Sky Harbour warrant is exercisable for one share of Class A common stock at a price of $11.50 per share, subject to adjustment, with each Sky Harbour warrant being exercisable through January 25, 2027. Unlike Sky Harbour’s publicly traded warrants, these warrants are not redeemable by Sky Harbour as long as we or permitted transferees hold these warrants. The Sky Harbour warrants are also exercisable on a cashless basis. ● Our Sky Harbour Class A common stock, the Sky Harbour warrants, and the shares underlying the warrants were subject to a lockup which expired on January 24, 2023. ● Subsequent to the closing of the Sky Harbour business combination, we distributed 75,000 shares of Sky Harbour Class A common stock to the outside directors of Yellowstone and 206,250 shares of Sky Harbour Class A common stock to an investor in the Yellowstone IPO. As of June 30, 2026, we held 11,339,994 shares of Sky Harbour Class A common stock and 7,719,779 Sky Harbour warrants. ● 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 the large number of Sky Harbour shares and warrants we hold relative to the average trading volume of these securities. As part of a recent primary offering by Sky Harbour, we, along with Sky Harbour's officers, directors, and other principal shareholders, agreed to a lockup on future sales for a period ending on November 10, 2026. 53 Table of Contents Future Working Capital Requirements We believe that our existing cash and short-term investments, funds available through the Credit Agreement Link entered into on August 12, 2019, as amended, any funds that we may receive from cash flows from operations, and any funds that we may receive through the sale of the remaining real estate assets in the 24th Street and BFR Funds will be sufficient to meet working capital requirements and anticipated capital expenditures for the next 12 months. At June 30, 2026, we had approximately $15.1 million in unrestricted cash and approximately $16.4 million in short-term U.S. Treasury securities. This excludes any additional funds we will receive if the agreement with CopperPoint to acquire our GIG subsidiary is successfully consummated, any future sales of public and private securities held by us, as well as loans and grants under the ReConnect Program. If future additional significant acquisition opportunities and expansion opportunities within our billboard and broadband services businesses become available in excess of our currently available cash, U.S. Treasury securities, and marketable equity securities, we may need to seek additional capital through long-term debt borrowings, the sale of our securities, and/or other financing options, and we may not be able to obtain such debt or equity financing on terms favorable to us or at all. In the future, we may use a number of different sources to finance our acquisitions and operations, including current cash on hand, potential future cash flows from operations, seller financing, debt financings including but not limited to long-term debt and line of credit facilities, including additional credit facilities which may or may not be secured by our assets or those of our operating subsidiaries, additional common or preferred equity issuances or any combination of these sources, to the extent available to us, or other sources that may become available from time to time, which could include asset sales and issuance of debt securities. In addition to current credit facilities at Link and Boston Omaha Broadband, any future debt that we incur may be recourse or non-recourse and may be secured or unsecured. Existing credit facilities at Link and Boston Omaha Broadband impose restrictions that could increase our vulnerability to general adverse economic and industry conditions by limiting our flexibility in planning for and reacting to changes in our billboard, broadband, and asset management businesses. Specifically, these restrictions place limits on Link, Boston Omaha Broadband, and their subsidiaries’ ability to, among other things, incur additional indebtedness, make additional acquisitions and investments, pay dividends, repurchase stock, create liens, enter into transactions with affiliates, merge, consolidate, transfer or sell assets. Both credit facilities require Link and Boston Omaha Broadband to meet a fixed charge coverage ratio and other financial covenants. Link’s ability as well as Boston Omaha Broadband's ability to comply with these loan covenants may be affected by factors beyond their control and a breach of any loan covenants would likely result in an event of default under either Credit Agreement, which would permit the Lender to declare all amounts incurred thereunder to be immediately due and payable and to terminate its commitment to make future extensions of credit. We also may take advantage of joint venture or other partnering opportunities as such opportunities arise in order to acquire properties that would otherwise be unavailable to us. Under the ReConnect Program, we have provided the ReConnect Guarantee, by which we have unconditionally guaranteed any sums due under the ReConnect Loan and Grant Agreement. Each of the Loan and Grant Agreement and the ReConnect Guarantee contain customary representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants and events of default customary for financings under the ReConnect Program. Upon the occurrence of an event of default, the lender may accelerate all sums due under the ReConnect Loan. Upon the occurrence of certain insolvency and bankruptcy events of default, the ReConnect Loan will automatically accelerate. Any future credit facilities which we or any of our subsidiaries may enter into would likely impose similar restrictions and risks. We may use the proceeds of any future borrowings to acquire assets or for general corporate purposes. In determining when to use leverage, we will assess the appropriateness of new equity or debt capital based on market conditions, including assumptions regarding future cash flow, the creditworthiness of customers, and future rental and subscriber rates. We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940 (the "Investment Company Act"). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the Investment Company Act. In addition, we do not invest or intend to invest in securities as our primary business. Although we do not currently hold investments in an amount which would cause us to register under the Investment Company Act, we run the risk of inadvertently being deemed to be an investment company that is required to register under the Investment Company Act because a significant portion of our assets consists of investments in companies in which we own less than a majority interest. The risk varies depending on events beyond our control, such as significant appreciation or depreciation in the market value of certain of our publicly traded holdings, adverse developments with respect to our ownership of certain of our subsidiaries, and transactions involving the sale of certain assets. If we are deemed to be an inadvertent investment company, we may seek to rely on a safe harbor under the Investment Company Act that would provide us a one-year grace period to take steps to avoid being deemed to be an investment company. In order to ensure we avoid being deemed an investment company, we have taken, and may need to continue to take, steps to reduce the percentage of our assets that constitute investment assets under the Investment Company Act. These steps have included, among others, selling marketable securities that we might otherwise hold for the long term and deploying our cash in non-investment assets. We have recently sold marketable securities, including at times at a loss, and we may be forced to sell our investment assets at unattractive prices or to sell assets that we otherwise believe benefit our business in the future to remain below the requisite threshold. We may also seek to acquire additional non-investment assets to maintain compliance with the Investment Company Act, and we may need to incur debt, issue additional equity or enter into other financing arrangements that are not otherwise attractive to our business. Any of these actions could have a material adverse effect on our results of operations and financial condition. Moreover, we can make no assurance that we would successfully be able to take the necessary steps to avoid being deemed to be an investment company in accordance with the safe harbor. If we were unsuccessful, then we would have to register as an investment company, and we would be unable to operate our business in its current form. We would be subject to extensive, restrictive, and potentially adverse statutory provisions and regulations relating to, among other things, operating methods, management, capital structure, indebtedness, dividends, and transactions with affiliates. If we were deemed to be an investment company and did not register as an investment company when required to do so, there would be a risk, among other material adverse consequences, that we could become subject to monetary penalties or injunctive relief, or both, that we would be unable to enforce contracts with third parties, and/or that third parties could seek to obtain rescission of transactions with us undertaken during the period in which we were deemed to be an unregistered investment company. Our certificate of incorporation and bylaws do not limit the amount of debt that we may incur. Our Board of Directors has not adopted a policy limiting the total amount of debt that we may incur. Our Board of Directors will consider a number of factors in evaluating the amount of debt that we may incur. If we adopt a debt policy, our Board of Directors may from time to time modify such policy in light of then-current economic conditions, relative costs of debt and equity capital, market values of our properties, general conditions in the markets for debt and equity securities, fluctuations in the market price of our Class A common stock if then trading on any exchange, growth and acquisition opportunities, and other factors. Our decision to use leverage in the future to finance our assets will be at our discretion and will not be subject to the approval of our stockholders, and we are not restricted by our governing documents or otherwise in the amount of leverage that we may use. 54 Table of Contents Off-Balance Sheet Arrangements Except for our normal operating leases, we do not have any off-balance sheet financing arrangements, transactions, or special purpose entities. Critical Accounting Estimates The preparation of the condensed consolidated financial statements and related notes to the condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. We base these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying values of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates. Information with respect to our critical accounting policies that we believe could have the most significant effect on our reported results or require subjective or complex judgments by management is contained in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on March 30, 2026. There have been no material changes to the critical accounting policies and estimates as previously disclosed in Item 7 of our 2025 Form 10-K.