{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-25-053527","form_type":"8-K","ticker":"BH-A","cik":"0001726173","company_name":"Biglari Holdings Inc.","filed_at":"2025-11-21T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.264392+00:00","generated_at":"2026-05-16T17:39:42.250656+00:00","sec_items":["7.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"Biglari Holdings reports Steak 'n Shake same-store sales growth >15% in Q4 to date; book value $2,244.26/share","bullets":["Book value per Class A equivalent share $2,244.26 as of Sep 30, 2025 (Class B $448.85).","Stock trades at a discount to book value; affiliates may purchase additional shares.","Steak n Shake U.S. same-store sales growth exceeds 15% for fourth quarter to date (company-operated and franchise-partner stores)."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-25-053527","json":"https://secwatch.observer/filing/0001628280-25-053527.json","markdown":"https://secwatch.observer/filing/0001628280-25-053527.md","text":"https://secwatch.observer/filing/0001628280-25-053527.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1726173/000162828025053527/0001628280-25-053527-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1726173/000162828025053527/bh-20251121.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T17:39:42.250656+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"}