---
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"
generated_at: "2026-05-16T17:39:42.250656+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings reports Steak 'n Shake same-store sales growth >15% in Q4 to date; book value $2,244.26/share

## Summary
- 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).

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 7.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-053527
- JSON: https://secwatch.observer/filing/0001628280-25-053527.json
- Plain text: https://secwatch.observer/filing/0001628280-25-053527.txt

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