{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-25-044299","form_type":"8-K","ticker":"BH-A","cik":"0001726173","company_name":"Biglari Holdings Inc.","filed_at":"2025-10-06T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.264052+00:00","generated_at":"2026-05-17T04:36:13.792068+00:00","sec_items":["1.01","2.03"],"event_type":"debt","sentiment":"neutral","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Biglari Holdings subsidiary Steak n Shake takes $225M loan at 8.80%, terminates $75M line","bullets":["Steak n Shake borrowed $225M on Sept 30, 2025; 5-year term, fixed rate 8.80%.","Loan amortizes at 3% per annum; proceeds distributed to Biglari Holdings.","Biglari Holdings terminated a $75M line of credit on the same date."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-25-044299","json":"https://secwatch.observer/filing/0001628280-25-044299.json","markdown":"https://secwatch.observer/filing/0001628280-25-044299.md","text":"https://secwatch.observer/filing/0001628280-25-044299.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1726173/000162828025044299/0001628280-25-044299-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1726173/000162828025044299/bh-20251006.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T04:36:13.792068+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"a4caa879b33d18af32fb7f023f4f47c521495335","claim":"Biglari Holdings Inc. incurred loan of $225,000,000 at 8.80% per annum maturing five years.","evidence_excerpt":"On September 30, 2025, Steak n Shake Inc., a subsidiary of Biglari Holdings, obtained a loan of $225,000,000.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1726173/000162828025044299/0001628280-25-044299-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$225,000,000"},{"label":"Rate","value":"8.80% per annum"},{"label":"Maturity","value":"five years"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}