Boston Omaha subsidiary acquires remaining 52% of 24th Street Asset Management for $5.0M

BOSTON OMAHA Corp

BOAM paid $2.76M cash, $1.25M holdback, and 45,644 BOC shares; aggregate price $5.02M.
Brendan Keating, BOC director and co-MD of BOAM, owned 92% of the sold interests; Audit Committee approved.
24th Street had ~$123M AUM as of 12/31/2022; renamed Boston Omaha Commercial Real Estate.
Earn-out: sellers get 25% of Net Promote Amount above $9.64M until funds liquidated.
BOAM now manages two verticals: commercial real estate and purpose-built residential (BFR fund).

item 1.01 item 2.01 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BOSTON OMAHA Corp entered into "MIPA" with the Sellers valued at $5,016,494.00 (effective 2023-05-01).

Action: entry
Agreement: asset purchase
Counterparty: the Sellers
Value: $5,016,494.00
Effective: 2023-05-01

Exact text from the filing

ties (including 24 th Street Fund I, LLC and 24 th Street Fund II, LLC, collectively, the “ Funds ”), minus certain compensation bonuses payable (such net amount, the “ Net Promote Amount ”), that exceed $7,226,672.00 but are less than equal to $9,635,562.00, the Sellers will receive, as a release from the Holdback Amount, 52.062% of such excess, such that if the Net Promote Amount equals $9,635,562.00 (the “ Earn-Out Threshold ”), the full Holdback Amount will have been released to the Sellers.

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Source: SEC EDGAR

accession 0001437749-23-011944

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