Biglari Capital Corp.

Biglari Holdings Inc. is a holding company with subsidiaries involved in various business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The company's primary operating subsidiaries focus on franchising and operating restaurants. Sardar Biglari, Chairman and Chief Executive Officer, founded and leads Biglari Holdings. The company uses a management system that combines decentralized operations with centralized financial decision-making. Business unit managers handle operating decisions, while Mr. Biglari makes all major investment and capital allocation decisions for the company and its subsidiaries. The company's restaurant operations are conducted through two subsidiaries: Steak n Shake Inc. and Western Sizzlin Corporation, totaling 435 units. As of December 31, 2025, Steak n Shake had 131 company-operated restaurants, 179 franchise partner units, and 94 traditional franchise units. Western Sizzlin had 3 company-operated restaurants and 28 franchise units. Steak n Shake, founded in 1934 in Normal, Illinois, serves Steakburgers, beef tallow fries, and milkshakes and is headquartered in Indianapolis, Indiana. Western Sizzlin, founded in 1962 in Augusta, Georgia, is a steak and buffet concept offering signature steak dishes and other American menu items. Western Sizzlin also operates Great American Steak & Buffet and Wood Grill Buffet and is headquartered in Roanoke, Virginia. Company-operated restaurants are managed by a team, with general managers responsible for daily operations. Food products and supplies are sourced from independent national distributors, with purchases centrally negotiated for consistent product quality. Steak n Shake's franchise partner program transitions company-operated restaurants to franchise partnerships, requiring a ten thousand dollar upfront investment from the franchisee.