BOSTON OMAHA Corp Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported
Liquid Liquidation Value
- Finance Lease Liability: not reported
Operating Liquidation Value
- Finance Lease Liability: not reported
- Inventory: not reported
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Adjust asset discounts and liability assumptions to see how assumptions affect the numbers.
Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-132.32M | $-4.21 |
| Liquid Liquidation Value | $-116.30M | $-3.70 |
| Operating Liquidation Value | $-116.30M | $-3.70 |
Key Components (as of 2025-12-31)
| Cash & Equivalents | $28.62M |
| Accounts Receivable | $16.02M |
| Inventory | N/A |
| Current Liabilities | $60.17M |
| Long-term Debt (?) | $46.38M |
| Op. Lease Liability (?) | $54.38M |
| Finance Lease (?) | N/A |
| Shares Outstanding | 31.4M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | $28.62M | $16.02M | N/A | N/A | $60.17M | $46.38M | $54.38M | N/A |
| 2025-09-30 | $37.05M | $14.89M | N/A | N/A | $61.00M | $43.39M | $54.57M | N/A |
| 2025-06-30 | $29.69M | $13.35M | N/A | N/A | $60.78M | $43.85M | $55.48M | N/A |
| 2025-03-31 | $22.26M | $12.54M | N/A | N/A | $56.89M | $41.15M | $55.84M | N/A |
| 2024-12-31 | $28.29M | $12.43M | N/A | N/A | $54.91M | $38.36M | $54.99M | N/A |
| 2024-09-30 | $19.43M | $13.62M | N/A | N/A | $51.99M | $35.49M | $55.00M | N/A |
| 2024-06-30 | $24.62M | $13.52M | N/A | N/A | $49.97M | $36.10M | $55.07M | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2025-12-31 | 10-K/A | 2026-04-30 | View |
| 2025-12-31 | 10-K | 2026-03-30 | View |
| 2025-09-30 | 10-Q | 2025-11-13 | View |
| 2025-06-30 | 10-Q | 2025-08-13 | View |
| 2025-03-31 | 10-Q | 2025-05-14 | View |
| 2024-12-31 | 10-K/A | 2025-04-30 | View |
| 2024-12-31 | 10-K | 2025-03-28 | View |
| 2024-09-30 | 10-Q | 2024-11-12 | View |
AI Insights
This filing is a 10-K/A (Amendment No. 1) for Boston Omaha Corporation for fiscal year ended December 31, 2025, filed April 30, 2026. The amendment covers only Part III governance disclosures (directors, compensation, ownership, related transactions, auditor fees) and new officer certifications. It contains no restated financial statements and does not update balance sheet data. All financial figures referenced below derive from the original 10-K filed March 30, 2026, as carried through this amendment's XBRL tagging.
Under a liquidation lens, BOC shows deeply negative recovery to equity. MFFAIS-reported CLV of approximately negative $132M confirms this. Total assets of $713M face severe haircuts: goodwill of $182M and intangibles net of $51M receive zero recovery, representing approximately $234M in zero-value assets. PP&E net of $173M recovers at 50-70%, implying $52-87M of shrinkage. Operating lease ROU assets of $58M are matched by $60M in operating lease liabilities that survive at face value on wind-up, providing no net offset. Long-term debt (current and non-current combined) totals approximately $49M plus a $14M collateralized financing obligation, against which asset values are further compressed. The largest single liquidation impairment driver is the $182M goodwill balance, which is entirely allocated across LMH (billboard, $131M), BOB (broadband, $40M), and GIG (surety insurance, $11M) segments — none of which would survive as going concerns in a distressed sale without franchise premium.
On the asset side, liquid items are limited: cash and equivalents of $29M, short-term investments (held-to-maturity) of $28M, and restricted cash of $18M aggregate to roughly $75M in high-quality assets. Equity method investments of $75M and long-term investments of $51M carry meaningful mark-to-market and illiquidity risk in a distress scenario. Accounts receivable net of $16M applies at 90-95% recovery.
The BOAM segment wind-down continues; related consulting fees to director Keating's entity (Local Asset Management) totaled $445K in 2025 with declining guaranteed fees ($20.6K/month as of March 2026). The surety insurance subsidiary (UCS/GIG) carries gross loss reserves of $6.5M against $5.9M in 2024 — a modest increase, with current-year incurred losses doubling year-over-year ($7.8M vs. $3.9M in 2024), signaling growing claims activity. The filing discusses $33M of cash in excess of FDIC limits in MD&A but this is captured in the CashUninsuredAmount XBRL tag. No new debt issuances of significance occurred; net long-term debt drew modestly on a credit facility ($11.5M drawn, $2.3M repaid). No pension obligations. No goodwill impairment was recorded in 2025, though the zero-recovery assumption on $182M of goodwill remains the dominant factor suppressing liquidation value.
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