Steak ‘n Shake is shaking up its "Patriot Milkshake" with a new, chocolate twist. The milkshake will now be served with a dark chocolate Statue of Liberty, the company announced on Monday."Patriot Milkshake now comes with [a] Statue of Liberty. Yes fans, it’s dark chocolate," the company wrote in a post on X. The milkshake, which debuted in December, is still priced at $2.50 and will be for the rest of the year, according to the post. The chain previously announced the shake would be available through Janua ...

Company Overview - Biglari Holdings has acquired a 3.4% stake in Ferretti Group, a luxury yacht manufacturer [1] - The acquisition comes as Czech investment group KKCG prepares to launch a partial tender offer for Ferretti Group [1] Investment Rationale - Biglari Holdings views Ferretti Group as a unique platform in the luxury yachting sector [1] - The company has a diversified investment portfolio, including interests in energy and restaurant sectors [1] Market Context - KKCG has launched an offer worth up to 182 million euros (approximately $210.37 million) to increase its stake in Ferretti Group from 14.5% [1] - The tender offer is set to begin on March 16 [1]

Core Viewpoint - Steak 'n Shake, owned by Biglari Holdings, will begin offering Bitcoin bonuses to hourly employees starting in March, reflecting a commitment to digital currencies and employee welfare [1][4]. Group 1: Bitcoin Bonuses for Employees - The fast-food chain will pay employees Bitcoin worth 21 cents per hour, which translates to approximately $28 in Bitcoin bonuses per month for employees working an average of 137 hours [2]. - Steak 'n Shake has also joined the Trump Accounts initiative, pledging to match a $1,000 contribution for eligible employees' children [2]. Group 2: Integration of Bitcoin in Operations - The company has reported a significant increase in same-store sales following the introduction of Bitcoin payments, indicating a positive impact on business performance [3]. - Bitcoin sales are directed into a Strategic Bitcoin Reserve, which funds the employee bonuses, showcasing a strategic approach to integrating cryptocurrency into operations [3]. Group 3: Market Performance - As of the latest data, Bitcoin was trading at $68,136.56, reflecting a 2.45% increase over the last 24 hours [4]. - Biglari Holdings shares closed at $336.40, down 13.25% on Monday, but have gained 1.19% year-to-date [4].

Earnings Announcement - Biglari Holdings Inc. announced its earnings for the fourth quarter and year ended December 31, 2025, on February 28, 2026[4]. - The press release detailing the earnings is included as an exhibit to the Form 8-K filing[4]. Annual Report - The 2025 Annual Report to shareholders is available online, including Sardar Biglari's annual letter[6].

Financial Performance - Net earnings attributable to Biglari Holdings Inc. shareholders for 2025 were $(37,488) thousand, a decrease from $(3,759) thousand in 2024, compared to $54,948 thousand in 2023[101]. - The total operating businesses reported a net loss of $(37,488) thousand in 2025, compared to a net loss of $(3,759) thousand in 2024, and a profit of $54,948 thousand in 2023[101]. - Consolidated shareholders' equity decreased to $523,429 as of December 31, 2025, down $49,532 from 2024, primarily due to a net loss of $37,488[150]. Revenue and Sales - Net sales for the restaurant segment in 2025 were $181,884 thousand, representing an increase of $22,671 thousand, or 14.2%, compared to 2024, driven by a 10.5% increase in same-store sales for company-operated units[109]. - The total revenue for the restaurant segment in 2025 was $280,870 thousand, compared to $251,447 thousand in 2024[108]. - Franchise partner fees increased to $77,001 thousand in 2025 from $70,616 thousand in 2024, with a 10.1% increase in same-store sales for franchise partners[111]. Costs and Expenses - The cost of food at company-operated units was $56,205 thousand, or 30.9% of net sales in 2025, up from $47,891 thousand, or 30.1% in 2024, primarily due to inflation[114]. - Labor costs at company-operated restaurants were $56,175 thousand, or 30.9% of net sales in 2025, compared to $50,431 thousand, or 31.7% in 2024, reflecting improved sales efficiency[115]. - General and administrative expenses were $48,969 thousand, or 17.4% of total revenue in 2025, an increase from $47,130 thousand, or 18.7% in 2024[116]. - Marketing expenses rose to $17,951 thousand, or 6.4% of total revenue in 2025, compared to $12,584 thousand, or 5.0% in 2024, due to new product promotions[117]. Insurance and Underwriting - The net underwriting gain from insurance operations was $5,696 thousand in 2025, up from $3,506 thousand in 2024, with a pre-tax underwriting gain of $7,210 thousand[123]. - Premiums written increased to $71,041 million in 2025, up from $68,394 million in 2024, representing a growth of 2.4%[124]. - First Guard's underwriting gain in 2025 was $6,015 million, an increase of $1,977 million or 49.0% compared to 2024[127]. - Southern Pioneer's premiums earned rose by $5,355 million, or 19.0%, in 2025 compared to 2024, primarily due to higher average earned premium per policy[129]. Investment Income and Losses - Total investment income and other income and expenses increased to $5,506 million in 2025 from $4,652 million in 2024[131]. - Investment partnership losses were $67,001 million in 2025 compared to losses of $41,058 million in 2024, reflecting significant volatility in earnings[143]. - The consolidated income tax benefit was $10,203 million in 2025, up from $4,395 million in 2024, due to taxes on income generated by investment partnerships[148]. Cash Flow and Liquidity - Total cash and investments increased to $1,110,417 in 2025, up from $789,950 in 2024, with cash and cash equivalents rising significantly to $268,782[152]. - Net cash provided by operating activities rose to $106,959 in 2025, an increase of $57,299 compared to 2024, largely due to $56,000 in distributions from investment partnerships[154]. - Cash used in investing activities decreased by $21,918 in 2025, primarily due to a $33,411 increase in sales of investments and redemptions of fixed maturity securities[155]. - The company intends to meet working capital needs primarily through cash flows generated from operations and cash on hand[156]. - The company maintains significant liquidity, with an increase in cash, cash equivalents, and restricted cash of $238,061 in 2025[154]. Specific Business Operations - Oil and gas revenue decreased to $30,211 million in 2025, down $6,734 million or 14.6% from $36,945 million in 2024[133]. - Abraxas Petroleum's revenue decreased by $5,592 million, or 24.8%, during 2025 compared to 2024, primarily due to lower crude oil prices[135]. - Southern Oil's revenue decreased by $1,142 million, or 8.0%, during 2025 compared to 2024, attributed to lower sales prices of crude oil[138]. - Maxim's licensing and media revenue increased to $7,717 million in 2025 from $1,029 million in 2024, driven by a new venture in the digital contest business[140]. Debt and Financing - Steak n Shake obtained a loan of $225,000 on September 30, 2025, with a fixed interest rate of 8.8% and a term of five years[159]. - Biglari Holdings' line of credit balance was $27,250 as of December 31, 2025, down from $35,000 in 2024, with an interest rate of 6.7%[157]. - The carrying value of cash and investments on the balance sheet was $492,107 as of December 31, 2025, compared to $335,411 in 2024[152].

Core Viewpoint - Biglari Capital is calling for the immediate resignation of Jack in the Box Chairman David Goebel, citing overwhelming rejection by stockholders and a failure in corporate governance [1] Group 1: Shareholder Sentiment - Preliminary voting results indicate a divide between active fund managers and retail stockholders who seek accountability and institutional investors like ISS, BlackRock, Vanguard, and State Street who supported Goebel [1] - Active fund managers and retail stockholders voted against Goebel due to the significant destruction of stockholder value, while major index funds defended the status quo [1] Group 2: Financial Impact - Jack in the Box spent approximately $5 million on the proxy contest to defend Goebel's reelection for one additional year, rather than focusing on the company's future [1] - Stockholders have lost about 80% of their investment, equating to roughly $1.8 billion in stockholder value during Goebel's tenure [1] - Goebel received around $1.55 million in director compensation over the last five years while overseeing this value destruction [1] Group 3: Governance Issues - The support from ISS and major index funds for Goebel is viewed as a failure of governance, raising concerns about their indifference to the impact of their decisions on investors [1] - The situation at Jack in the Box exemplifies poor corporate governance, including catastrophic acquisitions and persistent operational underperformance [1] Group 4: Legal Considerations - Biglari Capital reserves the right to pursue legal remedies due to false and misleading statements made by Jack in the Box in its proxy materials [1] Group 5: Conclusion - Goebel's performance is deemed embarrassing, and there is a strong sentiment that he should have resigned long ago instead of attempting to maintain his position through political maneuvering [1]

Core Viewpoint - Biglari Capital, the largest shareholder of Jack in the Box, is urging shareholders to vote against the re-election of Chairman David Goebel due to his poor performance and governance issues, supported by recommendations from proxy advisory firms Glass Lewis and Egan-Jones, while ISS supports the status quo despite acknowledging failures [1][2][3] Group 1: Proxy Advisory Firm Recommendations - Glass Lewis recommends shareholders vote AGAINST David Goebel, citing "material performance and governance concerns" and a lack of accountability from the board [1][2] - Egan-Jones also recommends voting AGAINST Goebel and other directors, emphasizing the need for urgent board refreshment to support the company's turnaround plan [1][3] - Both advisory firms highlight the board's long-standing underperformance and ineffective oversight, contrasting sharply with ISS's support for the current leadership [1][2] Group 2: Performance Metrics and Governance Issues - Under Goebel's leadership, Jack in the Box has experienced a total shareholder return (TSR) of -68.6%, significantly underperforming peers and the S&P 600 Restaurants Index [2][3] - The company has faced catastrophic value destruction, with shareholders losing approximately $1.8 billion, or 80% of the company's value, over the past five years [3] - The failed acquisition of Del Taco, which resulted in a loss of over $400 million, is cited as a significant governance failure during Goebel's tenure [2][3] Group 3: Calls for Change - Biglari Capital argues that there is no credible plan for change from Goebel, questioning what he could do differently in the next year after 17 years of poor performance [3] - The board's failure to engage with shareholders and its reactive approach to governance changes are seen as signs of entrenchment rather than effective leadership [2][3] - The company has experienced chronic leadership instability, with three CEOs and eight CFOs in the last five years, reflecting a failure in fundamental governance duties [3]

Core Insights - Steak 'n Shake, owned by Biglari Holdings, reported a significant increase in same-store sales following the acceptance of Bitcoin payments, highlighting the "transformative power" of Bitcoin in enhancing business performance [1][2]. Group 1: Sales Performance - The fast food chain noted that its same-store sales have risen dramatically since the launch of Bitcoin payments nine months ago [2]. - The integration of Bitcoin into operations has been a key factor in driving sales growth [2]. Group 2: Employee Incentives - All Bitcoin sales are directed into a Strategic Bitcoin Reserve, which is utilized to fund employee bonuses [3]. - The company has introduced a BTC bonus for hourly employees at company-operated restaurants, which can be collected after a two-year vesting period [3]. Group 3: Market Performance - As of the latest data, Bitcoin was trading at $88,811.53, reflecting a slight increase of 0.12% over the last 24 hours [4]. - Biglari Holdings' shares closed at $396.75, down 0.48% on the previous trading day, but have increased by 19.35% year-to-date, indicating a strong price trend [4].

Core Viewpoint - Biglari Capital Corp. is urging all shareholders of Jack in the Box Inc. to vote against Chairman David Goebel at the upcoming annual meeting [1] Group 1: Shareholder Engagement - Biglari Capital has sent a letter to Jack in the Box shareholders emphasizing the importance of their votes regardless of the number of shares owned [1] - Shareholders are encouraged to sign, date, and return the GOLD proxy card to express their stance [1] Group 2: Proxy Voting Assistance - Biglari Capital provides contact information for Saratoga Proxy Consulting LLC for shareholders needing assistance with the voting process or proxy materials [1]

Core Viewpoint - Steak 'n Shake is contributing $1,000 to "Trump Accounts" for the children of its employees, aligning with the Trump administration's investment initiative aimed at supporting newborns and promoting wealth-building from birth [1][7]. Company Initiatives - The fast-food chain will match $1,000 to Trump Accounts for every child born between 2025 and 2028, emphasizing its commitment to community support and employee welfare [1][4]. - The initiative reflects the personal philosophy of Chairman Sardar Biglari, who has a history of creating opportunities for franchisees and is now extending this vision to employees' families [4][7]. Industry Context - The Trump Accounts initiative, launched under the "One Big Beautiful Bill Act," aims to provide a $1,000 federally funded investment account to every U.S. citizen born between 2025 and 2028, with an estimated 25 million families qualifying [8][9]. - Major companies like JPMorgan Chase and Bank of America have also announced plans to match government contributions to these accounts, indicating a broader industry support for the initiative [10].