Biglari Holdings Inc.
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 2, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 2. Properties
Restaurant Properties
As of December 31, 2025, restaurant operations included 435 company-operated and franchise locations. Restaurant operations own the land and building for 138 restaurants. The following table lists the locations of the restaurants as of December 31, 2025.
| Steak n Shake · Western Sizzlin | ||||||
|---|---|---|---|---|---|---|
| CompanyOperated | FranchisePartner | TraditionalFranchise | CompanyOperated | Franchise | Total | |
| Domestic: | ||||||
| Alabama | 1 | 1 | 2 | — | 4 | 8 |
| Arkansas | — | — | 3 | — | 5 | 8 |
| California | — | — | 2 | — | — | 2 |
| Colorado | 1 | — | — | — | — | 1 |
| Florida | 16 | 57 | 4 | — | — | 77 |
| Georgia | 5 | 12 | 11 | — | 3 | 31 |
| Illinois | 34 | 15 | 7 | — | — | 56 |
| Indiana | 27 | 25 | — | — | — | 52 |
| Iowa | 2 | 1 | 1 | — | — | 4 |
| Kentucky | 2 | 10 | 5 | — | — | 17 |
| Louisiana | — | — | 1 | — | — | 1 |
| Maryland | — | — | — | — | 1 | 1 |
| Michigan | 7 | 6 | 1 | — | — | 14 |
| Mississippi | — | — | 4 | — | 1 | 5 |
| Missouri | 5 | 14 | 18 | — | — | 37 |
| Nebraska | — | — | 1 | — | — | 1 |
| Nevada | — | — | 4 | — | — | 4 |
| North Carolina | 1 | 5 | 1 | — | 6 | 13 |
| Ohio | 22 | 18 | 1 | — | 1 | 42 |
| Oklahoma | — | — | 1 | — | 1 | 2 |
| Pennsylvania | 1 | — | — | — | — | 1 |
| South Carolina | 1 | — | 2 | — | 1 | 4 |
| Tennessee | — | 8 | 4 | — | 3 | 15 |
| Texas | 1 | 7 | 3 | — | — | 11 |
| Virginia | — | — | 4 | 2 | 2 | 8 |
| West Virginia | — | — | 2 | 1 | — | 3 |
| International: | ||||||
| France | 3 | — | 12 | — | — | 15 |
| Monaco | 1 | — | — | — | — | 1 |
| Spain | 1 | — | — | — | — | 1 |
| Total | 131 | 179 | 94 | 3 | 28 | 435 |
As of December 31, 2025, seven of the 131 Steak n Shake company-operated stores were closed. Of the seven locations, Steak n Shake plans to reopen two locations and sell or lease five locations.
Other Properties
Southern Oil primarily operates oil and natural gas wells in Louisiana. Its operations are primarily offshore in Louisiana state waters.
Abraxas Petroleum operates oil and natural gas wells in the Permian Basin.
Through its subsidiaries, the Company owns Steak n Shake’s office building in Indianapolis, Indiana; First Guard’s office building in Venice, Florida; and Southern Pioneer’s office building in Jonesboro, Arkansas. In addition, the Company owns seven various locations that are being leased or are available to be leased by third parties, along with owning one undeveloped property in San Antonio, Texas.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.