Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 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) Indiana 82-3784946 | --- | ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 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) Indiana 82-3784946 | --- | --- ...

Table of Contents Title of each class Trading Symbols Name of each exchange on which registered Class A Common Stock, no par value BH.A New York Stock Exchange Class B Common Stock, no par value BH New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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) Indiana 82-3784946 (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 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. | --- | --- | --- | |------------------------------------------------------------------------------ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 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) | --- | --- | --- | --- | |-------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 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) INDIANA 82-3784946 (State or other jurisdictio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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) INDIANA 82-3784946 (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 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) INDIANA 82-3784946 (State or other jurisdict ...

Financial Performance - As of June 30, 2019, Biglari Holdings reported net sales of $152,062 for the second quarter, a decrease of $39,735 compared to $191,797 in the same quarter of 2018[108]. - The company reported a net loss of $1,424 attributable to shareholders for the second quarter of 2019, compared to earnings of $1,640 in the same quarter of 2018[106]. - Corporate net losses in Q2 2019 were $2,170 million, improved from net losses of $3,450 million in Q2 2018[125]. - Contribution to net earnings for the first six months of 2019 was $2,675 million, an increase from $2,204 million in the first six months of 2018[114]. Sales and Customer Traffic - Steak n Shake's same-store sales decreased by 5.9% and customer traffic decreased by 9.2% during the second quarter of 2019[108]. - A total of 103 Steak n Shake restaurants were temporarily closed as of June 30, 2019, while the company is actively seeking franchise partners for these locations[101]. Costs and Expenses - The cost of food for the second quarter of 2019 was $47,316, representing 31.1% of net sales, an increase from 29.8% in the same quarter of 2018[110]. - Restaurant operating costs for the second quarter of 2019 were $80,483, or 52.9% of net sales, compared to 51.5% in the second quarter of 2018[111]. - General and administrative expenses decreased to $12,021, or 7.5% of total revenues, from $16,877, or 8.4% in the same quarter of 2018[112]. Investment Performance - Investment partnership gains for the second quarter were $26,254, a significant increase from losses of $5,877 in the same quarter of 2018[103]. - Investment partnership gains for Q2 2019 were $34,198 million, compared to a loss of $8,341 million in Q2 2018[120]. - Total other income for the first six months of 2019 was $626 million, compared to $379 million in the same period of 2018[114]. Cash and Debt Management - Consolidated cash and investments totaled $836,124 million as of June 30, 2019, an increase from $801,982 million at the end of 2018[128]. - Cash used in operating activities during the first six months of 2019 was $8,295 million, compared to $465 million in the same period of 2018[129]. - The outstanding balance on Steak n Shake's credit facility was $182,598 million as of June 30, 2019[124]. Market and Investment Risks - The company holds a concentrated position in the common stock of Cracker Barrel Old Country Store, Inc., which may lead to significant net losses if there is a decline in the general stock market[140]. - A hypothetical 10% increase or decrease in the market price of investments would result in a respective change in the carrying value of investments of $66,354, affecting shareholders' equity by approximately 8%[141]. - A hypothetical 100 basis point increase in short-term interest rates would impact net earnings by approximately $1,400[142]. - Decreases in the values of equity investments can materially adversely affect earnings and consolidated shareholders' equity[140]. Strategic Goals - Biglari Holdings aims to maximize per-share intrinsic value through strategic decisions made by Chairman and CEO Sardar Biglari[99]. - The company prefers to hold equity investments for long periods, minimizing concerns over short-term price volatility[141]. - The interests in investment partnerships are committed on a rolling 5-year basis, with distributions upon withdrawal paid out over two years[141]. - The company has had minimal exposure to foreign currency exchange rate fluctuations in the first six months of 2019 and 2018[142].