Boston Omaha (BOC) director Kenan reports December insider share purchases

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. On December 1, 2025, an affiliated entity acquired 44,196 shares at an average price of $12.6735 per share. On December 2, 2025, it acquired 6,496 shares at an average of $12.6736 per share, and on December 3, 2025 it acquired 16,743 shares at an average of $12.9413 per share.

The filing states these shares are held by KD Capital, L.P., whose general partner is controlled by Kenan, giving him indirect beneficial ownership. Additional purchases were made for his individual retirement accounts and a trust for which he is trustee and beneficiary, at prices around $12.65–$12.919 per share. Following these transactions, the report shows increased beneficial holdings in both indirect investment vehicles and personal accounts.

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)

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								9,644	D
Class A common stock, par value $0.001 per share	12/01/2025		A		44,196	A	$12.6735(1)	242,000	I	See footnote(1)
Class A common stock, par value $0.001 per share	12/02/2025		A		6,496	A	$12.6736(2)	248,496	I	See footnote(2)
Class A common stock, par value $0.001 per share	12/03/2025		A		16,743	A	$12.9413(3)	265,239	I	See footnote(3)
Class A common stock, $.001 par value per share	12/02/2025		A		4,452	A	$12.65	4,452	I	See footnote(4)
Class A common stock, par value $0.001 per share	12/03/2025		A		8,000	A	$12.919(5)	111,390	I	See footnote(5)

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. 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.

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 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.

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 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

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

5. 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	12/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did BOC report for December 2025?

The report shows that director Frank H. Kenan II made multiple open-market purchases of Boston Omaha Corporation Class A common stock on December 1–3, 2025, increasing his beneficial holdings through affiliated entities and personal accounts.

How many Boston Omaha (BOC) shares were bought on December 1, 2025?

On December 1, 2025, an entity affiliated with Frank H. Kenan II acquired 44,196 shares of Class A common stock at an average price of $12.6735 per share.

At what prices did Frank H. Kenan II acquire BOC shares?

The filing reports average purchase prices of $12.6735 per share on December 1, $12.6736 per share on December 2, and $12.9413 and $12.919 per share on December 3, 2025, with individual trades within stated price ranges.

Through which entities does Frank H. Kenan II hold BOC shares?

The filing states that shares are held by KD Capital, L.P., whose general partner is controlled by Kenan, as well as in individual retirement accounts for his benefit and a trust where he is both trustee and a beneficiary.

What is Frank H. Kenan II’s relationship to Boston Omaha Corporation?

Frank H. Kenan II is reported as a director of Boston Omaha Corporation and a reporting person under Section 16 for these equity transactions.

Are the reported BOC shares directly or indirectly owned by the insider?

The filing notes that the reported shares are directly owned by entities such as KD Capital, L.P., individual retirement accounts, and a trust, and that Kenan could be deemed to have indirect beneficial ownership through his control or beneficial interests.