Welcome to our dedicated page for Biglari Holdings SEC filings (Ticker: BH), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Biglari Holdings Inc. (BH, BH.A) SEC filings page on Stock Titan provides access to the company’s regulatory disclosures as filed with the U.S. Securities and Exchange Commission. Biglari Holdings is an Indiana corporation based in San Antonio, Texas, and its filings cover activities across restaurant, insurance, oil and gas, and Maxim segments.
Investors looking for quarterly reports (Form 10-Q) and annual reports (Form 10-K) can use this page to locate the documents referenced in Biglari Holdings’ news releases. Those releases repeatedly direct shareholders to the 10-Q and 10-K for full details on pre-tax operating earnings, investment gains or losses, and segment information. Stock Titan’s AI-powered tools summarize key sections of these lengthy filings, helping readers understand how operating businesses and investment results contribute to overall performance.
Frequent Form 8-K filings by Biglari Holdings report material events such as quarterly earnings announcements, loan agreements involving its Steak n Shake subsidiary, and Regulation FD disclosures. For example, one 8-K describes a loan obtained by Steak n Shake Inc., with proceeds distributed to Biglari Holdings, and another notes that the company’s stock was trading at a discount to book value while also disclosing book value per share. Other 8-K filings highlight same-store sales growth at Steak n Shake and provide updates on financial results.
This page can also be used to track information relevant to book value per share and other metrics that appear in Regulation FD disclosures. With real-time updates from EDGAR and AI-generated explanations, users can quickly review Biglari Holdings’ 10-K, 10-Q, and 8-K filings, understand the context of loans, segment performance, and investment results, and follow how these disclosures relate to BH stock.
Biglari Holdings Inc. has filed a shelf registration to offer up to $500,000,000 of Class A and Class B common stock, including an at-the-market program. The company entered a Sales Agreement with H.C. Wainwright & Co., LLC allowing it to sell shares on the NYSE and NYSE Texas from time to time, with the sales agent earning up to 3.0% of gross proceeds. Management plans to use any net proceeds to create a strategic reserve to support business and investment activities, strengthen capital at the holding company, fund acquisitions and augment the capital of insurance subsidiaries. As of January 15, 2026, 206,864 Class A shares and 2,068,640 Class B shares were outstanding, and the Chairman and CEO Sardar Biglari beneficially held about 74.7% of the voting interest.
Biglari Holdings and related entities filed an amended Schedule 13D updating their ownership and plans for Jack in the Box Inc.’s common stock. Sardar Biglari reports beneficial ownership of 1,884,269 shares, representing 9.98% of the company. Other affiliated entities, including Biglari Capital Corp. and the Lion Fund partnerships, each report their own share counts and percentages, with Biglari Capital Corp. listing 1,683,652 shares, or 8.9%.
The group has withdrawn its nomination of Douglas Thompson for the Jack in the Box board because he became Chief Operations Officer of CAVA. They state they still intend to discuss board composition with the company and may propose an alternate candidate, and they may pursue a withhold campaign against one or more incumbent directors at the upcoming annual meeting. The reporting persons also terminated a prior Joint Filing and Solicitation Agreement and entered into a new Joint Filing Agreement dated January 14, 2026.
Biglari Holdings Inc. chair and CEO Sardar Biglari, together with Biglari Capital Corp. and The Lion Fund, L.P., reported purchases of the company’s Class A and Class B common stock.
Through The Lion Fund, they bought 3,084 shares of Class B common stock at a weighted average price of $323.71 and 368 shares of Class A common stock at a weighted average price of $1,633.52 on 12/17/2025, with each group of shares acquired in multiple transactions within stated price ranges. After these transactions, The Lion Fund beneficially owned 1,335,713 shares of Class B and 128,811.7 shares of Class A, while Biglari Capital Corp. held 71,855 shares of Class B and 25,663.1 shares of Class A. The reporting persons state they may be deemed beneficial owners of these shares but disclaim beneficial ownership beyond their pecuniary interests.
Biglari Holdings Inc. insider Sardar Biglari reported several open-market purchases of the company’s Class A and Class B common stock through The Lion Fund, L.P. on 12/12/2025, 12/15/2025 and 12/16/2025.
The Lion Fund bought 449 and 152 Class B shares at weighted average prices of $333.14 and $328.00, and 60 and 156 Class A shares at weighted average prices of $1,635.37 and $1,599.87. After these transactions, it beneficially owned 1,332,629 Class B shares and 128,443.7 Class A shares. Biglari Capital Corp. held an additional 71,855 Class B shares and 25,663.1 Class A shares. The report is filed jointly by Mr. Biglari, Biglari Capital Corp. and The Lion Fund, each of which disclaims beneficial ownership beyond its pecuniary interest.
Biglari Holdings Inc. insider entities reported additional purchases of the company’s Class B common stock. A joint filing by Sardar Biglari, Biglari Capital Corp. and The Lion Fund, L.P. shows that The Lion Fund bought 973 Class B shares on 12/08/2025 at a weighted average price of $315.08, 938 shares on 12/09/2025 at a weighted average price of $319.08, and 310 shares on 12/10/2025 at a weighted average price of $321.94.
After these transactions, The Lion Fund is shown as indirectly holding over 1.33 million Class B shares. The filing notes that the reported prices reflect weighted averages for multiple trades within stated intraday price ranges, and the reporting persons undertake to provide full trade details upon request. Sardar Biglari is identified as a director, Chairman and Chief Executive Officer of Biglari Holdings and a 10% owner, and the filing explains his indirect beneficial ownership through Biglari Capital Corp. and The Lion Fund, subject to standard beneficial ownership disclaimers.
Biglari Holdings Inc.
After these transactions, The Lion Fund, L.P. is shown as beneficially owning 1,329,807 Class B shares. Other reported holdings include Class A common stock of 25,663.1 shares indirectly through Biglari Capital Corp. and 128,227.7 shares indirectly through The Lion Fund, L.P., plus 71,855 Class B shares indirectly through Biglari Capital Corp. The form is filed jointly by Sardar Biglari, Biglari Capital Corp. and The Lion Fund, L.P., who may be deemed to share beneficial ownership based on their control relationships.
Biglari Holdings Inc. (BH)11/24/2025, The Lion Fund, L.P., which is indirectly controlled by Chairman and CEO Sardar Biglari, bought 213 shares of Class A at a weighted average price of $1,406.27 and 1,819 shares of Class B at a weighted average price of $274.74.
After these trades, The Lion Fund, L.P. beneficially owned 128,227.7 shares of Class A and 1,324,401 shares of Class B. Biglari Capital Corp., another entity controlled by Mr. Biglari, held 25,663.1 shares of Class A and 71,855 shares of Class B. The Form 4 is filed jointly by Mr. Biglari, Biglari Capital Corp., and The Lion Fund, L.P., and each disclaims beneficial ownership beyond his or its pecuniary interest.
Biglari Holdings Inc. (BH) reported that its affiliates may purchase additional shares of its Class A and/or Class B common stock. The company highlighted that, as of September 30, 2025, book value per Class A equivalent share was $2,244.26 and book value per Class B equivalent share was $448.85, while its stock currently trades at a discount to these per share book values.
The company also noted strong operating performance at its wholly owned subsidiary Steak n Shake Inc., which is currently achieving same-store sales growth in excess of 15% for its U.S. operations in the fourth quarter to date, across both company-operated and franchise partner-operated stores.
Biglari Holdings Inc. filed a Form 8-K to report that it has released financial results for its third quarter and first nine months ended September 30, 2025. On November 7, 2025, the company issued a press release with these results, which is included as Exhibit 99.1 and incorporated by reference into the report. The 8-K clarifies that the information under the results of operations item, including the press release, is being furnished rather than filed under securities laws, meaning it is not automatically subject to certain liability provisions or incorporated into other SEC filings unless explicitly stated.
Biglari Holdings Inc. filed its Q3 2025 report, showing a quarterly net loss of $5,291 and stronger year‑to‑date profitability. Third‑quarter revenue was $99,738, while revenue for the first nine months reached $295,392 with net earnings of $12,365.
Restaurants led growth: Steak n Shake and Western Sizzlin generated $71,741 in Q3 revenue, driven by a 15.6% same‑store sales increase at domestic company‑operated Steak n Shake units. Insurance earned $19,179 in Q3 revenue with improved underwriting, while oil and gas revenue was $7,372 amid lower commodity pricing, partially offset by gains on asset sales earlier in the year.
Liquidity and capital structure shifted meaningfully. Cash and cash equivalents rose to $272,485 from $30,709 at year‑end, supported by $89,188 in operating cash flow and financing inflows. On September 30, Steak n Shake obtained a $225,000 five‑year loan at 8.8% interest, amortized at 3.0% per year, secured by its real estate, with proceeds distributed to Biglari Holdings. Total debt rose, with note payable and lines of credit at $214,914 long‑term and $20,916 current. Investment partnership losses of $15,897 weighed on Q3 results.
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