Amends 10-K to Include Lion Fund II Financials, Revealing $63M Loss and -35.75% Return

summarizeSummary

Biglari Holdings Inc. filed an amended 10-K to include previously omitted financial statements for The Lion Fund II, L.P., which reported a significant net loss of $63.4 million and a negative 35.75% return for 2025.

check_boxKey Events

• Amendment to Original 10-K

  This Form 10-K/A amends the Annual Report on Form 10-K filed on March 2, 2026, to include separate audited financial statements of The Lion Fund II, L.P., which were not available at the time of the original filing.

• Significant Net Loss in Related Fund

  The Lion Fund II, L.P. reported a net decrease in partners' capital resulting from operations of $63,437,037 for the year ended December 31, 2025.

• Negative Investment Performance

  The Lion Fund II experienced a total return after performance reallocation of (35.75)% and a net partnership return of (35.36)% for the year ended December 31, 2025.

• Related Party Disclosure

  The Lion Fund II is managed by Biglari Capital Corp., whose sole owner is Sardar Biglari, the Chairman and CEO of Biglari Holdings Inc. Biglari Holdings Inc. is also a limited partner in the Fund.

auto_awesomeAnalysis

This 10-K/A filing addresses a prior omission by including the audited financial statements for The Lion Fund II, L.P., a related party managed by Biglari Capital Corp. (solely owned by Biglari Holdings' CEO, Sardar Biglari). The fund reported a substantial net decrease in partners' capital of over $63 million and a negative total return of 35.75% for 2025. This disclosure provides critical insight into the performance of an entity closely tied to the company's leadership, following the original 10-K's adverse auditor opinion on internal controls. The significant losses within this related fund could raise questions about the broader investment strategy and oversight, adding to existing concerns about the company's financial reporting environment.