Boston Omaha to Sell Insurance Unit for $84.3 Million
The Omaha holding company agreed to sell General Indemnity Group to CopperPoint for about $84.3 million as second-quarter revenue reached $22.20 million.
Boston Omaha Corporation (BOC) agreed on May 18, 2026 to sell 100% of General Indemnity Group, its surety insurance subsidiary, to CopperPoint Insurance Company for approximately $84.3 million, a deal expected to close in the second half of 2026 subject to regulatory approvals and other conditions.
The Omaha-based public holding company, which describes itself as owning four majority-owned businesses in outdoor advertising, broadband telecommunications, surety insurance and asset management, began reporting GIG as held for sale on the condensed consolidated balance sheets and as discontinued operations on the condensed consolidated statement of operations starting in the second quarter of fiscal 2026.
Income from discontinued operations was $0.49 million in the quarter ended June 30, 2026, versus a $0.33 million loss a year earlier. Continuing operations still produced a net loss from operations of $603 thousand.
Total revenues from continuing operations were $22.20 million for the three months ended June 30, 2026, up from $21.68 million a year earlier. Billboard rentals, net were $11.72 million. Broadband services revenue was $10.48 million. Investment and other income was zero in the quarter.
Net loss attributable to common stockholders narrowed to $1.61 million, or $0.05 a share, from $2.32 million, or $0.07 a share, a year earlier.
Net other expense was $2.50 million in the second quarter of 2026. That amount included a $1.9 million unrealized loss on Sky Harbour warrants, $0.8 million of losses within BOAM primarily related to changes in the fair value of underlying assets in the 24th Street Funds and BFR Fund, $0.6 million of interest expense and $0.4 million of losses from unconsolidated affiliates mainly related to the equity-method position in Sky Harbour. Those items were partly offset by $1.0 million of realized gains on the sale of 331,500 shares of Sky Harbour Class A common stock and $0.3 million of interest and dividend income.
The investment in Sky Harbour Class A common stock and warrants was valued at $73.5 million on the condensed consolidated balance sheet as of June 30, 2026, with a 14.8% equity-method stake. If the Class A common stock were accounted for at fair value based on its quoted market price, the total investment in Sky Harbour Class A common stock and warrants would have been $115.1 million as of June 30, 2026.
Total unrestricted cash and investments were $31.75 million at June 30, 2026, down from $36.73 million at December 31, 2025. Investments consist of U.S. Treasury securities classified as trading securities and marketable equity securities. Total assets were $683.05 million. Total Boston Omaha stockholders’ equity was $501.85 million. Book value per share was $16.61 at June 30, 2026.
The company repurchased 451,281 shares of Class A common stock for a total cost of $5.8 million in the second quarter of 2026, leaving 29,634,239 Class A shares outstanding at June 30, 2026. As of August 12, 2026, it had 29,546,008 Class A shares and 580,558 Class B shares outstanding.
Cash inflow from continuing operations for the six months ended June 30, 2026 was $10.1 million, compared with $8.2 million for the six months ended June 30, 2025. The CopperPoint transaction remains subject to receipt of regulatory approvals and other conditions to closing.