Boston Omaha (BOC) director Kenan discloses December 2025 share buys

Rhea-AI Filing Summary

Boston Omaha Corporation director Frank H. Kenan II reported multiple open-market purchases of Class A common stock in early December 2025, and filed this amendment to correct an earlier transaction code. The filing changes the code for a prior entry to "P" for a purchase, instead of "A".

Through investment vehicle KD Capital, L.P., Kenan reported buying 44,196 shares on December 1, 2025 at an average price of $12.6735 per share, 6,496 shares on December 2 at $12.6736, and 16,743 shares on December 3 at $12.9413, all in multiple transactions within disclosed price ranges. Additional purchases include 4,452 shares on December 2 in individual retirement accounts at $12.65 per share and 8,000 shares on December 3 in a trust at an average of $12.919 per share.

The filing states that KD Capital and a trust directly hold the reported shares, while Kenan may be deemed to have indirect beneficial ownership through his control of the general partner of KD Capital and his role as trustee and beneficiary of the trust.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kenan Frank H. II

(Last) (First) (Middle)

C/O BOSTON OMAHA CORPORATION

1601 DODGE STREET, SUITE 3300

(Street)

OMAHA NE 68102

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BOSTON OMAHA Corp [ BOC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
12/03/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A common stock, par value $0.001 per share(1)								9,644	D
Class A common stock, par value $0.001 per share(1)	12/01/2025		P		44,196	A	$12.6735(2)	242,000	I	See footnote(2)
Class A common stock, par value $0.001 per share(1)	12/02/2025		P		6,496	A	$12.6736(3)	248,496	I	See footnote(3)
Class A common stock, par value $0.001 per share(1)	12/03/2025		P		16,743	A	$12.9413(4)	265,239	I	See footnote(4)
Class A common stock, par value $0.001 per share(1)	12/02/2025		P		4,452	A	$12.65	4,452	I	See footnote(5)
Class A common stock, par value $0.001 per share(1)	12/03/2025		P		8,000	A	$12.919(6)	111,390	I	See footnote(6)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On December 3, 2025, the Reporting Person filed a Form 4 which inadvertently included an incorrect transaction code due to an administrative error. This amendment is being filed to reflect the correct transaction code "P" instead of transaction code "A".

2. The reported shares are directly owned by KD Capital, L.P. Frank H. Kenan II is the manager of and owns 100% of KD Capital Management, LLC, which is the general partner of KD Capital, L.P. Mr. Kenan could be deemed to have indirect beneficial ownership of the shares reported herein. The shares purchased on December 1, 2025 were purchased in multiple transactions at an average price of $12.6735 per share and at individual transaction prices ranging from $12.3966 to $12.88 per share. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote (1) to this Form 4.

3. The reported shares are directly owned by KD Capital, L.P. Frank H. Kenan II is the manager of and owns 100% of KD Capital Management, LLC, which is the general partner of KD Capital, L.P. Mr. Kenan could be deemed to have indirect beneficial ownership of the shares reported herein. The shares purchased on December 2, 2025 were purchased in multiple transactions at an average price of $12.6736 per share and at individual transaction prices ranging from $12.65 to $12.69 per share. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote (2) to this Form 4.

4. The reported shares are directly owned by KD Capital, L.P. Frank H. Kenan II is the manager of and owns 100% of KD Capital Management, LLC, which is the general partner of KD Capital, L.P. Mr. Kenan could be deemed to have indirect beneficial ownership of the shares reported herein. The shares purchased on December 3, 2025 were purchased in multiple transactions at an average price of $12.9413 per share and at individual transaction prices ranging from $12.75 to $13.0599 per share. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote (3) to this Form 4

5. The reported shares are owned in individual retirement accounts for the benefit of Mr. Kenan.

6. The reported shares are directly owned by a trust under which Frank H. Kenan II is both the trustee and a beneficiary. Mr. Kenan could be deemed to have indirect beneficial ownership of the shares reported herein. The shares purchased on December 3, 2025 were purchased in multiple transactions at an average price of $12.9190 per share and at individual transaction prices ranging from $12.88 to $12.9411 per share. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote (5) to this Form 4.

	/s/ Frank H. Kenan II	12/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transactions did Boston Omaha (BOC) report in this Form 4/A?

The filing reports that director Frank H. Kenan II made several open-market purchases of Boston Omaha Class A common stock on December 1–3, 2025, including 44,196 shares on December 1, 6,496 shares on December 2, 16,743 shares on December 3 through KD Capital, plus 4,452 shares in individual retirement accounts and 8,000 shares in a trust.

Why was this Boston Omaha (BOC) insider filing submitted as an amendment?

The document explains that a prior filing on December 3, 2025 included an incorrect transaction code due to an administrative error. This amendment updates the code to "P" for purchase instead of code "A".

At what prices did Frank H. Kenan II buy Boston Omaha (BOC) shares?

The purchases were executed in multiple transactions at average prices of $12.6735 per share on December 1, 2025, $12.6736 on December 2, and $12.9413 and $12.919 on December 3, with individual trades within the price ranges detailed in the footnotes.

How are the Boston Omaha (BOC) shares held by or for Frank H. Kenan II structured?

The filing states that shares are directly owned by KD Capital, L.P., by individual retirement accounts for the benefit of Frank H. Kenan II, and by a trust where he is both trustee and a beneficiary. Kenan may be deemed to have indirect beneficial ownership through his control positions.

How many Boston Omaha (BOC) shares did each account beneficially own after the reported transactions?

After the reported transactions, the form lists 9,644 shares under one direct line item, and indirect holdings of 242,000, 248,496, and 265,239 shares tied to KD Capital, plus 4,452 shares in individual retirement accounts and 111,390 shares in a trust, each shown as beneficially owned following the respective transactions.

What is Frank H. Kenan II’s role at Boston Omaha (BOC)?

The form identifies Frank H. Kenan II as a director of Boston Omaha Corporation and a reporting person for these insider transactions.