{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-25-050625","form_type":"8-K","ticker":"BH-A","cik":"0001726173","company_name":"Biglari Holdings Inc.","filed_at":"2025-11-07T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.264246+00:00","generated_at":"2026-05-16T23:05:50.840147+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Biglari Holdings reports Q3 net loss of $5.3M; operating earnings improve, Steak n Shake sales up 15%","bullets":["Q3 net loss of $5.3M vs net earnings of $32.1M a year ago, driven by $14.4M investment loss.","Pre-tax operating earnings rose to $6.9M from $3.3M YoY.","First nine months net earnings of $12.4M vs $6.5M; operating earnings down to $20.5M from $28.7M.","Steak n Shake domestic same-store sales increased 15.0% in Q3.","Book value per Class A equivalent share was $2,244.26 at Sep 30, 2025."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-25-050625","json":"https://secwatch.observer/filing/0001628280-25-050625.json","markdown":"https://secwatch.observer/filing/0001628280-25-050625.md","text":"https://secwatch.observer/filing/0001628280-25-050625.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1726173/000162828025050625/0001628280-25-050625-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1726173/000162828025050625/bh-20251107.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T23:05:50.840147+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":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}