---
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"
generated_at: "2026-05-17T04:36:13.792068+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings subsidiary Steak n Shake takes $225M loan at 8.80%, terminates $75M line

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-044299
- JSON: https://secwatch.observer/filing/0001628280-25-044299.json
- Plain text: https://secwatch.observer/filing/0001628280-25-044299.txt

## Key facts
- Debt Financings
  Biglari Holdings Inc. incurred loan of $225,000,000 at 8.80% per annum maturing five years.
  - Instrument: loan
  - Principal: $225,000,000
  - Rate: 8.80% per annum
  - Maturity: five years
  - Event: incurrence
  source text: On September 30, 2025, Steak n Shake Inc., a subsidiary of Biglari Holdings, obtained a loan of $225,000,000.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1726173/000162828025044299/0001628280-25-044299-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.