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    Amendment: SEC Form 10-K/A filed by Biglari Holdings Inc.

    3/31/25 4:13:46 PM ET
    $BH
    Restaurants
    Consumer Discretionary
    Get the next $BH alert in real time by email
    10-K/A 1 bh-10xka2024.htm 10-K/A Document

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
    FORM 10-K/A
    (Amendment No. 1)
    xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the fiscal year ended December 31, 2024
    or
    ¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from ____ to ____
    Commission file number 001-38477
    BIGLARI HOLDINGS INC.
    (Exact name of registrant as specified in its charter)
    Indiana82-3784946
    (State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)
    19100 Ridgewood Parkway, Suite 1200
    San Antonio, Texas78259
    (Address of principal executive offices)(Zip Code)
    (210) 344-3400
    Registrant’s telephone number, including area code
    Securities registered pursuant to Section 12(b) of the Act:
    Title of each classTrading SymbolsName of each exchange on which registered
    Class A Common Stock, no par valueBH.ANew York Stock Exchange
    Class B Common Stock, no par valueBHNew York Stock Exchange
    Securities registered pursuant to Section 12(g) of the Act:
    NONE
    Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨  No x
    Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
    Large accelerated filer
     ¨
    Accelerated filer
     x
    Non-accelerated filer
     ¨
    Smaller reporting company
     x
    Emerging growth company
     ¨
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
    Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x
    If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨
    Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ¨
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ ¨ No x
    The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant as of June 30, 2024 was approximately $190,530,762.
    Number of shares of common stock outstanding as of February 25, 2025:
    Class A common stock –206,864 
    Class B common stock –2,068,640 
    DOCUMENTS INCORPORATED BY REFERENCE
    None




    Table of Contents

    Page


    PART IV
    Item 15. Exhibits and Financial Statement Schedules
    1
                  Independent Auditor’s Report (PCAOB ID No 34)
    Signatures
    11
    Index to Exhibits
    12



















































    EXPLANATORY NOTE

    This Amendment No. 1 on Form 10-K/A (the “Amendment”) amends the Annual Report on Form 10-K of Biglari Holdings Inc. (“Biglari Holdings”, “we”, “us”, “our”, the “Company” or the “Corporation”) for the fiscal year ended December 31, 2024, originally filed with the Securities and Exchange Commission (the “SEC”) on March 3, 2025 (the “Original Filing”), to include separate audited financial statements of The Lion Fund II, L.P. (the “Lion Fund II”) pursuant to Rule 3-09 of Regulation S-X (“Rule 3-09”) in Part IV, Item 15. The audited financial statements of the Lion Fund II (the “Lion Fund II Financial Statements”) were not available at the time of the Original Filing. In accordance with Rule 3-09(b)(2), the Lion Fund II Financial Statements are being filed as an amendment to the Original Filing within 90 days after the end of the Lion Fund II’s fiscal year.

    In addition, in connection with the filing of this Amendment and pursuant to the rules of the SEC, we are including with this Amendment certain currently dated certifications. Accordingly, Item 15 of Part IV has also been amended to reflect the filing of these currently dated certifications.

    This Form 10-K/A does not attempt to modify or update any other disclosures set forth in the Original Filing, except as required to reflect the additional information included in Part IV, Item 15 of this Form 10-K/A. Additionally, this Form 10-K/A, except for the additional information included in Part IV, speaks as of the filing date of the Original Filing and does not update or discuss any other Company developments subsequent to the date of the Original Filing. Accordingly, this Form 10-K/A should be read in conjunction with our filings made with the SEC subsequent to the Original Filing.





































    Table of Contents
    Item 15. Exhibits and Financial Statement Schedules

    INDEPENDENT AUDITOR’S REPORT

    To the Partners of The Lion Fund II, L.P.

    Opinion

    We have audited the financial statements of The Lion Fund II, L.P. (the "Fund"), which comprise the statement of assets and liabilities, including the condensed schedule of investments, as of December 31, 2024 and 2023, and the related statements of operations, changes in partners' capital, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes to the financial statements (collectively referred to as the "financial statements").
    In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in accordance with accounting principles generally accepted in the United States of America.
    Basis for Opinion

    We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
    Responsibilities of Management for the Financial Statements

    Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
    In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going concern for one year after the date that the financial statements are issued.
    Auditor’s Responsibilities for the Audit of the Financial Statements

    Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.


    1


    In performing an audit in accordance with GAAS, we:
    •Exercise professional judgment and maintain professional skepticism throughout the audit.
    •Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
    •Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control. Accordingly, no such opinion is expressed.
    •Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
    •Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going concern for a reasonable period of time.
    We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

    /s/ DELOITTE & TOUCHE LLP
    Austin, Texas
    March 31, 2025
    2

    Table of Contents
    THE LION FUND II, L.P.
    (A Delaware Limited Partnership)
    STATEMENT OF ASSETS AND LIABILITIES
    December 31, 2024December 31, 2023
    ASSETS:
    Investments in securities — at fair value$366,541,274 $372,564,039 
    Cash and cash equivalents 1,088,624 701,913 
    Accrued dividend— 36,459 
               Total assets$367,629,898 $373,302,411 
    LIABILITIES:
    Due to broker$187,986,764 $184,733,519 
    Derivatives — at fair value— 26,187 
    Accrued interest140,597 166,460 
    Accounts payable75,051 98,090 
               Total liabilities$188,202,412 $185,024,256 
    PARTNERS’ CAPITAL$179,427,486 $188,278,155 
    See notes to financial statements.
    3


    Table of Contents
    THE LION FUND II, L.P.
    (A Delaware Limited Partnership)
    STATEMENT OF OPERATIONS
    FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
    202420232022
    INVESTMENT INCOME:
    Dividends and interest$8,001,436 $12,279,938 $11,928,503 
    EXPENSES:
    Professional fees80,961 91,250 68,625 
    Interest expense11,265,205 9,929,151 3,065,510 
    Other expense11,866 925 2,697 
    NET INVESTMENT INCOME(3,356,596)2,258,612 8,791,671 
    REALIZED AND UNREALIZED GAINS (LOSSES):
    Net realized gains (losses) from investments3,442,387 479,975 (3,755,441)
    Loss on capital distribution(376,664)— (10,243,786)
    Net change in unrealized appreciation - investments(25,487,899)18,396,673 (77,326,489)
    NET INCREASE (DECREASE) IN PARTNERS’
      CAPITAL RESULTING FROM OPERATIONS
    $(25,778,772)$21,135,260 $(82,534,045)
    See notes to financial statements.
    4


    Table of Contents
    THE LION FUND II, L.P.
    (A Delaware Limited Partnership)
    STATEMENT OF CHANGES IN PARTNERS’ CAPITAL
    FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
    General PartnerLimited PartnersTotal
    PARTNERS’ CAPITAL - December 31, 2021$20,643,178 $412,961,889 $433,605,067 
    Capital contributions500,000 55,554,841 56,054,841 
    Capital distributions(1,750,000)(242,390,468)(244,140,468)
    Net decrease from operations(4,325,953)(78,208,092)(82,534,045)
    PARTNERS’ CAPITAL - December 31, 2022$15,067,225 $147,918,170 $162,985,395 
    Capital contributions— 41,530,000 41,530,000 
    Capital distributions(1,000,000)(36,372,500)(37,372,500)
    Net increase from operations2,087,359 19,047,901 21,135,260 
    PARTNERS’ CAPITAL - December 31, 2023$16,154,584 $172,123,571 $188,278,155 
    Capital contributions— 50,734,000 50,734,000 
    Capital distributions(1,947,009)(31,858,888)(33,805,897)
    Net decrease from operations(2,180,603)(23,598,169)(25,778,772)
    PARTNERS’ CAPITAL - December 31, 2024$12,026,972 $167,400,514 $179,427,486 
    See notes to financial statements.
    5


    Table of Contents
    THE LION FUND II, L.P.
    (A Delaware Limited Partnership)
    STATEMENT OF CASH FLOWS
    FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
    202420232022
    CASH FLOWS FROM OPERATING ACTIVITIES:
    Net increase (decrease) in partners’ capital resulting from operations
    $(25,778,772)$21,135,260 $(82,534,045)
    Adjustments to reconcile net increase (decrease) in partners’ capital resulting from operations to net cash used in operating activities:
    Net realized (gains) losses from investments(3,442,387)(479,975)3,755,441 
    Net change in unrealized appreciation - investments25,487,899 (18,396,673)77,326,489 
    Proceeds from sale of investments13,769,653 15,821,639 108,346,506 
    Purchases of investments in securities(52,054,139)(60,595,703)(189,427,344)
    Loss on capital distribution376,664 — 10,243,786 
    Changes in due to broker3,253,245 17,085,653 67,263,731 
    Changes in interest payable(25,863)30,792 135,668 
    Change in accrued dividends36,459 (22,092)(14,367)
    Changes in accounts payable(23,039)34,590 9,187 
    Net cash used in operating activities(38,400,280)(25,386,509)(4,894,948)
    CASH FLOWS FROM FINANCING ACTIVITIES:
    Contributions from partners50,734,000 41,530,000 44,747,000 
    Distributions to partners(11,947,009)(15,500,000)(69,450,000)
    Net cash provided by (used in) financing activities38,786,991 26,030,000 (24,703,000)
    NET INCREASE (DECREASE) IN CASH386,711 643,491 (29,597,948)
    CASH and CASH EQUIVALENTS - Beginning of year701,913 58,422 29,656,370 
    CASH and CASH EQUIVALENTS - End of year$1,088,624 $701,913 $58,422 
    SUPPLEMENTAL CASH FLOW INFORMATION
    Cash paid during the year for:
    Interest$11,291,068 $9,929,151 $3,065,510 
    Non-Cash Investing and Financing Activities
    Contributions from partners$— $— $11,307,841 
    Distributions to partners$21,858,888 $21,872,500 $174,690,468 
    See notes to financial statements.

    6


    Table of Contents
    THE LION FUND II, L.P.
    (A Delaware Limited Partnership)
    CONDENSED SCHEDULE OF INVESTMENTS
    AS OF DECEMBER 31, 2024:SharesAmount
    INVESTMENTS IN COMMON STOCK AT FAIR VALUE:
    United States:
    Consumer products:
    Ferrari N.V. 401,500 $171,135,702 
    Other 10,151,440 
    Restaurant:
    Cracker Barrel Old Country Store, Inc. 2,000,000 105,720,000 
    El Pollo Loco4,000,000 46,160,000 
    Jack in the Box Inc. 531,183 22,118,460 
    Other securities 11,255,672 
    TOTAL SECURITIES OWNED (cost $388,166,396)
    $366,541,274 
    AS OF DECEMBER 31, 2023:SharesAmount
    INVESTMENTS IN COMMON STOCK AT FAIR VALUE:
    United States:
    Consumer products:
    Ferrari N.V.368,500 $124,353,415 
    Other8,247,051 
    Restaurant:
    Cracker Barrel Old Country Store, Inc. 2,000,000 154,160,000 
    El Pollo Loco4,000,000 35,280,000 
    Jack in the Box Inc.531,183 43,360,468 
    Other securities 7,163,105 
    TOTAL SECURITIES OWNED (cost $368,694,462)
    $372,564,039 
    See notes to financial statements.


    7


    Table of Contents
    THE LION FUND II, L.P.
    (A Delaware Limited Partnership)

    NOTES TO FINANCIAL STATEMENTS
    FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
    1.ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
    The Lion Fund II, L.P. (the “Fund”) is an investment fund organized as a limited partnership under the laws of the State of Delaware. The Fund is managed by Biglari Capital Corp. (the “General Partner”). The Fund commenced operations in July 2013 with the objective of achieving above-average, long-term growth of capital.
    Basis of Accounting — The accompanying financial statements of the Fund have been presented on the accrual basis of accounting, in accordance with generally accepted accounting principles (“GAAP”). The Fund is an investment company and therefore complies with accounting and reporting guidance presented in Accounting Standards Codification 946, Financial Services – Investment Companies.
    Investments in Securities — Security transactions are accounted for on the date the securities are purchased or sold (trade date). Gains or losses from sales of investments are computed on the specific identification basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis.
    Exchange-listed securities are valued at the last sale price on the principal exchange on which they are traded.
    Income Taxes — In accordance with federal income tax regulations, no income taxes are levied on a partnership, but rather on the individual partners. Consequently, no provision or liability for federal income taxes has been reflected in the accompanying financial statements.
    There were neither liabilities nor deferred tax assets relating to uncertain income tax positions taken or expected to be taken on the tax returns. The Fund has reviewed open tax years and has concluded that there is no significant tax liability resulting from uncertain tax provisions. 2023, 2022 and 2021 remain open for both federal and state jurisdictions.
    Cash and Cash Equivalents — Any highly liquid investments with a maturity of three months or less at the date of acquisition are considered cash equivalents. The cash and cash equivalent balances as of December 31, 2024 and 2023 represent cash held by the custodians of the Fund’s investments.
    Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

    8


    Table of Contents
    Allocation of Net Increase (Decrease) from Operations — The Fund’s income and losses, including unrealized gains or losses and realized gains or losses from the sale of investments, are allocated to the partners in proportion to their respective capital accounts as of the end of each month.
    Due to Broker — Due to broker represents margin debt balances. The balance was $187,986,764 and $184,733,519 on December 31, 2024 and 2023, respectively. Our interest rate was 5.31% on December 31, 2024.
    2.CONCENTRATIONS OF CREDIT RISK
    The Fund does not clear its own securities transactions. It has established accounts with financial institutions for this purpose. This can, and often does, result in concentration of credit risk with one or more of these firms. Such risk, however, is mitigated by the obligation of U.S. financial institutions to comply with rules and regulations governing broker/dealers and futures commission merchants. These rules and regulations generally require maintenance of net capital, as defined, and segregation of customers’ funds and securities from holdings of the firm.
    3.RELATED-PARTY TRANSACTIONS
    The General Partner is entitled to receive a performance reallocation of 25% of the increase in net assets annually. This reallocation is subject to a 6% performance hurdle rate that the Fund’s performance must exceed in order for the General Partner to be entitled to such reallocation. Additionally, this reallocation is subject to a high-water mark provision. The General Partner did not earn a performance reallocation during 2024, 2023 or 2022.
    Sardar Biglari is the Chairman, Chief Executive Officer and sole owner of the General Partner. Mr. Biglari is also the Chairman and Chief Executive Officer of Biglari Holdings Inc. (“Biglari Holdings”). Biglari Holdings is a limited partner in the Fund and is subject to a performance reallocation.
    The General Partner of the Fund also serves as the General Partner of The Lion Fund, L.P. The Lion Fund, L.P. is a limited partner in the Fund and is not subject to a performance reallocation.
    During 2022, the Fund distributed 83,465 shares of Biglari Holdings Class A common stock and 890,272 shares of Biglari Holdings Class B common stock to The Lion Fund, L.P.
    4.FAIR VALUE MEASUREMENTS
    Exchange-listed securities are valued at the last sale price on the principal exchange on which they are traded.

    Level 1 securities in accordance with the GAAP established fair value hierarchy are based on unadjusted quoted prices in active markets for identical assets and liabilities. As of December 31, 2024 and 2023, total securities were $366,541,274 and $372,564,039, respectively. As of December 31, 2024 there were no derivative balances. As of December 31, 2023, derivative balances were liabilities of $26,187. The securities and derivatives are classified as Level 1 inputs within the GAAP established hierarchy.
    9


    Table of Contents
    5.SUBSEQUENT EVENTS
    We have evaluated subsequent events for recognition or disclosure through the time of issuance of these financial statements on March 31, 2025.
    6.FINANCIAL HIGHLIGHTS
    202420232022
    Total return before performance reallocation(13.59)%12.67 %(24.61)%
    Performance reallocation0.00 0.00 0.00 
    Total return after performance reallocation(13.59)%12.67 %(24.61)%

    Supplemental Data
    202420232022
    Annual gross partnership return(7.16)%19.01 %(24.00)%
    Annual net partnership return(12.80)%12.89 %(24.95)%
    Total return for limited partners is calculated for the limited partners as a whole and is measured by dividing the increase or decrease in net assets, net of the expenses and performance reallocation to the General Partner, into the weighted average limited partners’ capital measured at the end of each month. An individual limited partner’s return may vary from these returns based on the timing of capital transactions.
    Gross partnership return is calculated for the Fund as a whole and is measured by dividing the total increase or decrease in net assets, before expenses, into the weighted average partners’ capital measured at the end of each month. The net partnership return is calculated in similar fashion, after expenses.
    202420232022
    Ratio to average partners’ capital:
    Expenses before performance reallocation5.94 %5.01 %1.08 %
    Performance reallocation0.00 0.00 0.00 
    Expenses including performance reallocation5.94 %5.01 %1.08 %
    Net investment income(1.77)%1.13 %3.08 %

    Average partners’ capital is determined using the Fund’s partners’ capital measured at the end of each month. The performance reallocation to the General Partner is not included in the net investment income ratio.
    Expenses include accounting fees, interest and other expenses. Net investment income is computed as investment income from dividends and interest less expenses.
    10


    Table of Contents
    SIGNATURES

    Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on March 31, 2025.


     

     

     BIGLARI HOLDINGS INC.
       By: 
    /s/ Bruce Lewis
    Bruce Lewis
    Controller

    Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated, on March 31, 2025.

    .




     

    Signature Title
        /s/ SARDAR BIGLARI
     Chairman of the Board and Chief Executive Officer (Principal Executive Officer)
    Sardar Biglari
     /s/ BRUCE LEWIS
    Controller (Principal Financial and Accounting Officer)
    Bruce Lewis
       /s/ JOHN G. CARDWELL
    Director
    John G. Cardwell
    /s/ PHILIP COOLEY
     Director – Vice Chairman
    Philip Cooley
     /s/ KENNETH R. COOPER
     Director
    Kenneth R. Cooper
    /s/ RUTH J. PERSON
     Director
    Ruth J. Person





    11


    Table of Contents

    INDEX TO EXHIBITS

    Exhibit NumberDescription
    31.01
    Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
    31.02
    Rule 13a-14(a)/15d-14(a) Certification of Controller
    32.01
    Section 1350 Certifications
    99.01
    Consent of The Lion Fund II, L.P.
    104Cover page Interactive Data File (embedded within the Inline XBRL document)

    The Lion Fund II Financial Statements are filed under Item 15(c).
    12

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    • BIGLARI HOLDINGS INC. NEWS RELEASE

      San Antonio, TX, March 1, 2025 /PRNewswire/ -- Biglari Holdings Inc.'s (NYSE:BH, BH)) 2024 Annual Report to the shareholders has been posted on the Internet, where it can be accessed at www.biglariholdings.com. The report includes Sardar Biglari's annual letter to shareholders. Biglari Holdings Inc.'s earnings for the fourth quarter and full year of 2024 and 2023 are summarized below.  To become fully apprised of our results, shareholders should carefully study our 10-K, which has been posted at www.biglariholdings.com.  (dollars in thousands) Fourth Quarter Year Ended December 31, 2024 2023 2024 2023 Pre-tax operating earnings................................................................

      3/1/25 8:33:00 AM ET
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    • Biglari Holdings Inc. News Release

      SAN ANTONIO, TX, Jan. 9, 2025 /PRNewswire/ -- Biglari Holdings (NYSE:BH, BH)) announced today its 2025 Annual Shareholders Meeting will be held at the Majestic Theatre in San Antonio on Wednesday, April 16, 2025, at 1:00 p.m. Central Time. About Biglari Holdings Inc. Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, licensing and media, restaurants, and oil and gas. View original content:https://www.prnewswire.com/news-releases/biglari-holdings-inc-news-release-302347451.html SOURCE Biglari Holdings Inc.

      1/9/25 4:05:00 PM ET
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    • CRACKER BARREL AND BIGLARI ANNOUNCE APPOINTMENT OF BIGLARI NOMINEE AND COOPERATION AGREEMENT

      Jody L. Bilney Joins Cracker Barrel Board of Directors LEBANON, Tenn. and SAN ANTONIO, Texas, Sept. 28, 2022 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) ("Cracker Barrel" or the "Company") and Biglari Capital Corp., together with other affiliated entities including Biglari Holdings Inc. (NYSE:BH, BH))) (collectively, "Biglari"), announced that they have entered into a Nomination and Cooperation Agreement (the "Agreement"). Under the terms of the Agreement, the Company has expanded the Company's Board to eleven directors and appointed Jody L. Bilney, one of Biglari's nominees, as a director, effective immediately.  Ms. Bilney currently serves on the boards of director

      9/28/22 4:00:00 PM ET
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    Financials

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    • AM Best Affirms Credit Ratings of First Guard Insurance Company

      AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a+" (Excellent) of First Guard Insurance Company (First Guard) (Scottsdale, AZ). The outlook of these Credit Ratings (ratings) is stable. First Guard is a subsidiary of Biglari Holdings Inc. (NYSE:BH). The ratings reflect First Guard's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The stable outlooks reflect AM Best's expectation that First Guard will maintain its very strong overall balance sheet strength assessment, supported by risk-adjusted capi

      2/16/24 12:30:00 PM ET
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    • AM Best Affirms Credit Ratings of First Guard Insurance Company

      AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a+" (Excellent) of First Guard Insurance Company (First Guard) (Scottsdale, AZ). The outlook of these Credit Ratings (ratings) is stable. First Guard is a subsidiary of Biglari Holdings Inc. (NYSE:BH). The ratings reflect First Guard's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The stable outlooks reflect AM Best's expectation that the group will maintain its very strong overall balance sheet strength assessment, supported by risk-adjusted ca

      2/16/23 10:15:00 AM ET
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    Large Ownership Changes

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    • Amendment: SEC Form SC 13D/A filed by Biglari Holdings Inc.

      SC 13D/A - Biglari Holdings Inc. (0001726173) (Subject)

      11/15/24 8:29:56 PM ET
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    • SEC Form SC 13D/A filed by Biglari Holdings Inc. (Amendment)

      SC 13D/A - Biglari Holdings Inc. (0001726173) (Subject)

      3/28/24 8:21:26 PM ET
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    • SEC Form SC 13G/A filed by Biglari Holdings Inc. (Amendment)

      SC 13G/A - Biglari Holdings Inc. (0001726173) (Filed by)

      2/14/24 11:22:57 AM ET
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    SEC Filings

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    • Biglari Holdings Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - Biglari Holdings Inc. (0001726173) (Filer)

      5/9/25 4:10:15 PM ET
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    • SEC Form 10-Q filed by Biglari Holdings Inc.

      10-Q - Biglari Holdings Inc. (0001726173) (Filer)

      5/9/25 4:09:37 PM ET
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    • Biglari Holdings Inc. filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

      8-K - Biglari Holdings Inc. (0001726173) (Filer)

      4/17/25 4:16:44 PM ET
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    Insider Trading

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    • Chairman and CEO Biglari, Sardar bought $852,732 worth of shares (682 units at $1,250.34) and bought $646,085 worth of Class B common stock (2,589 units at $249.55) (SEC Form 4)

      4 - Biglari Holdings Inc. (0001726173) (Issuer)

      12/19/24 8:09:31 PM ET
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    • Chairman and CEO Biglari, Sardar bought $480,175 worth of shares (408 units at $1,176.90) and bought $250,621 worth of Class B common stock (1,070 units at $234.23) (SEC Form 4)

      4 - Biglari Holdings Inc. (0001726173) (Issuer)

      12/16/24 9:30:05 PM ET
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    • Chairman and CEO Biglari, Sardar bought $495,094 worth of Class B common stock (2,167 units at $228.47) (SEC Form 4)

      4 - Biglari Holdings Inc. (0001726173) (Issuer)

      12/9/24 7:13:42 PM ET
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