{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-26-012988","form_type":"8-K","ticker":"BH-A","cik":"0001726173","company_name":"Biglari Holdings Inc.","filed_at":"2026-03-02T23:59:59+00:00","discovered_at":"2026-05-14T18:02:36.012372+00:00","generated_at":"2026-05-15T22:41:36.659364+00:00","sec_items":["2.02","7.01","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Biglari Holdings posts Q4 pre-tax operating loss; full-year earnings down 42%","bullets":["Q4 2025 pre-tax operating loss of $1.7M vs profit $3.9M in Q4 2024; net loss attributable to shareholders $49.9M.","Full-year 2025 pre-tax operating earnings $18.8M, down from $32.6M in 2024; net loss $37.5M.","Book value per Class A equivalent share $2,059.32 at Dec 31, 2025.","Company downplays investment fluctuations, advises focusing on operating earnings before investment gains."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-26-012988","json":"https://secwatch.observer/filing/0001628280-26-012988.json","markdown":"https://secwatch.observer/filing/0001628280-26-012988.md","text":"https://secwatch.observer/filing/0001628280-26-012988.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1726173/000162828026012988/0001628280-26-012988-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1726173/000162828026012988/bh-20260228.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-15T22:41:36.659364+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"}