BH / Biglari Holdings Inc. - Depositi SEC, Relazione annuale, dichiarazione di delega

Biglari Holdings Inc.
US ˙ NYSE ˙ US08986R3093

Statistiche di base
LEI 549300GLWWSODF8TM682
CIK 1726173
SEC Filings
All companies that sell securities in the United States must register with the Securities and Exchange Commission (SEC) and file reports on a regular basis. These reports include company annual reports (10K, 10Q), news updates (8K), investor presentations (found in 8Ks), insider trades (form 4), ownership reports (13D, and 13G), and reports related to the specific securities sold, such as registration statements and prospectus. This page shows recent SEC filings related to Biglari Holdings Inc.
SEC Filings (Chronological Order)
Questa pagina fornisce un elenco completo e cronologico dei depositi SEC, esclusi i documenti di proprietà che forniamo altrove.
May 8, 2026 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIG

May 8, 2026 EX-31.01

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

May 8, 2026 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 8, 2026

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 8, 2026 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Numbe

May 8, 2026 EX-32.01

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U

May 8, 2026 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, May 8, 2026 – Biglari Holdings Inc. announces its results for the first quarter of 2026. Biglari Holdings Inc.’s earnings for the first quarter of 2026 and 2025 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.biglariholdings.com. (dollars in thousands) First

May 8, 2026 EX-31.02

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

April 10, 2026 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): April 8, 2026

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): April 8, 2026 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Num

March 31, 2026 EX-31.01

CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this Amendment No. 1 to the annual report on form 10-K/A of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact

March 31, 2026 EX-99.01

CONSENT OF THE LION FUND II, L.P.

Exhibit 99.01 CONSENT OF THE LION FUND II, L.P. Board of Directors Biglari Holdings Inc. 19100 Ridgewood Parkway, Suite 1200 San Antonio, TX 78259 Members of the Board: We hereby consent to the use by Biglari Holdings Inc. of the audited financial statements of The Lion Fund II, L.P. as of and for the periods ended December 31, 2025, 2024 and 2023 appearing in the Form 10-K/A for the fiscal year e

March 31, 2026 EX-32.01

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with Amendment No. 1 to the Annual Report of Biglari Holdings Inc (the “Company”) on Form 10-K/A for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifi

March 31, 2026 EX-31.02

CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 31.02 CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this Amendment No. 1 to the annual report on form 10-K/A of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact o

March 31, 2026 10-K/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLAR

March 11, 2026 DEF 14A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of The Securities Exchange Act of 1934 (Ame

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of The Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confiden

March 11, 2026 ARS

2025 1 1 Dear Shareholders of Biglari Holdings Inc.: Biglari Holdings is an amalgamation of businesses — majority and minority ownership interests in disparate companies — that are tied together by a common purpose. Individually, our subsidiary busin

biglariholdingsannualrep 2025 1 1 Dear Shareholders of Biglari Holdings Inc.: Biglari Holdings is an amalgamation of businesses — majority and minority ownership interests in disparate companies — that are tied together by a common purpose. Individually, our subsidiary businesses operate on their own, but like musical instruments they attain new heights in concert. As a multifaceted corporation wi

March 2, 2026 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, February 28, 2026 – Biglari Holdings Inc.’s 2025 Annual Report to the shareholders has been posted on the Internet, where it can be accessed at www.biglariholdings.com. The report includes Sardar Biglari’s annual letter to shareholders. Biglari Holdings Inc.’s earnings for the fourth quarter and full year of 2025 and 2024 are summarized below. To

March 2, 2026 EX-32.01

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Biglari Holdings Inc. (the “Company”) on Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifies, pursuant to 18 U

March 2, 2026 EX-23.01

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the incorporation by reference in Registration Statement No. 333-292783 on Form S-3 of our report dated February 28, 2025 relating to the financial statements of Biglari Holdings

deloitteconsentletterxsx CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the incorporation by reference in Registration Statement No.

March 2, 2026 EX-31.02

CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 31.02 CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this annual report on form 10-K of Biglari Holdings Inc.; 2.Based on my knowledge this report does not contain any untrue statement of a material fact or omit to state a material

March 2, 2026 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 28, 2026

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 28, 2026 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File

March 2, 2026 EX-99.1

February 19, 2026 Mr. Sardar Biglari Biglari Holdings Inc. 19100 Ridgewood Parkway, Suite 1200 San Antonio, Texas 78259 Dear Mr. Biglari: In accordance with your request, we have estimated the proved reserves and future revenue, as of December 31, 20

nsaisouthernoilabraxasye February 19, 2026 Mr. Sardar Biglari Biglari Holdings Inc. 19100 Ridgewood Parkway, Suite 1200 San Antonio, Texas 78259 Dear Mr. Biglari: In accordance with your request, we have estimated the proved reserves and future revenue, as of December 31, 2025, to the combined interests of Abraxas Petroleum Corporation (Abraxas) and Southern Oil Company (SOC) in certain oil and ga

March 2, 2026 EX-31.01

CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this annual report on form 10-K of Biglari Holdings Inc.; 2.Based on my knowledge this report does not contain any untrue statement of a material fact or omit to state a materi

March 2, 2026 EX-21.01

BIGLARI HOLDINGS INC.

Exhibit 21.01 BIGLARI HOLDINGS INC. Subsidiaries Jurisdiction of Incorporation or Organization Abraxas Petroleum Corporation Nevada Biglari Reinsurance Ltd. Bermuda First Guard Insurance Company Arizona Maxim Inc. Delaware Steak n Shake Inc. Indiana Southern Oil Company Delaware Southern Pioneer Property & Casualty Insurance Company Arkansas Western Sizzlin Corporation Delaware Each of the named s

March 2, 2026 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLARI HOLDINGS INC. (Exa

January 16, 2026 EX-FILING FEES

Security Type

Calculation of Filing Fee Tables S-3 Biglari Holdings Inc. Table 1: Newly Registered and Carry Forward Securities ☐Not Applicable Security Type Security Class Title Fee Calculation or Carry Forward Rule Amount Registered Proposed Maximum Offering Price Per Unit Maximum Aggregate Offering Price Fee Rate Amount of Registration Fee Carry Forward Form Type Carry Forward File Number Carry Forward Initi

January 16, 2026 EX-1.1

AT THE MARKET OFFERING AGREEMENT

Exhibit 1.1 AT THE MARKET OFFERING AGREEMENT January 16, 2026 H.C. Wainwright & Co., LLC 430 Park Avenue, 3rd Floor New York, NY 10022 Ladies and Gentlemen: Biglari Holdings Inc., a corporation organized under the laws of Indiana (the “Company”), confirms its agreement (this “Agreement”) with H.C. Wainwright & Co., LLC (the “Manager”) as follows: 1.Definitions. The terms that follow, when used in

January 16, 2026 S-3

As filed with the Securities and Exchange Commission on January 16, 2026

As filed with the Securities and Exchange Commission on January 16, 2026 Registration No.

November 21, 2025 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 21, 2025

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 21, 2025 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File

November 7, 2025 EX-32.01

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to

November 7, 2025 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477

November 7, 2025 EX-31.02

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

November 7, 2025 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, November 7, 2025 – Biglari Holdings Inc. announces its results for the third quarter and first nine months of 2025. Biglari Holdings Inc.’s earnings for the third quarter and first nine months of 2025 and 2024 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.

November 7, 2025 EX-10.01

STORE/Steak n Shake Mortgage Loan Agreement 125 Properties File No. 7210/02-1036 4915-4418-3891.4 MORTGAGE LOAN AGREEMENT THIS LOAN AGREEMENT (this “Agreement”) is made as of September 30, 2025 (“Closing Date”), by and between STORE CAPITAL ACQUISITI

steaknshake-mortgageloan STORE/Steak n Shake Mortgage Loan Agreement 125 Properties File No.

November 7, 2025 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 7, 2025

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 7, 2025 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File

November 7, 2025 EX-31.01

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

October 6, 2025 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): October 6, 2025

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): October 6, 2025 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File N

October 1, 2025 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): September 30, 2025

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): September 30, 2025 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission Fil

August 14, 2025 CERT

NYSE TEXAS CERTIFICATION

New York Stock Exchange 11 Wall Street New York, NY 10005 Tel: +1 212.656.3000 nyse.com August 14, 2025 Chief, Information Technology Securities and Exchange Commission Division of Corporate Finance 100 F Street, NE MS 3040 Washington, DC 20549 To whom it may concern: The NYSE Texas certifies its approval for listing and registration of the following securities of BIGLARI HOLDINGS INC., under the

August 14, 2025 8-A12B

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 BIGLARI HOLDINGS INC. (Exact Name of Registrant

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identific

August 8, 2025 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

August 8, 2025 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

August 8, 2025 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U.

August 8, 2025 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 8, 2025

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 8, 2025 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Nu

August 8, 2025 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, August 8, 2025 – Biglari Holdings Inc. announces its results for the second quarter and first six months of 2025. Biglari Holdings Inc.’s earnings for the second quarter and first six months of 2025 and 2024 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.bi

August 8, 2025 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGL

May 9, 2025 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U

May 9, 2025 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIG

May 9, 2025 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

May 9, 2025 8-K

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 9, 2025 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Numbe

May 9, 2025 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

May 9, 2025 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, May 9, 2025 – Biglari Holdings Inc. announces its results for the first quarter of 2025. Biglari Holdings Inc.’s earnings for the first quarter of 2025 and 2024 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.biglariholdings.com. (dollars in thousands) First

April 17, 2025 8-K

Submission of Matters to a Vote of Security Holders

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): April 16, 2025 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Nu

March 31, 2025 10-K/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLAR

March 31, 2025 EX-99.01

Consent of The Lion Fund II, L.P.

Exhibit 99.01 CONSENT OF THE LION FUND II, L.P. Board of Directors Biglari Holdings Inc. 19100 Ridgewood Parkway, Suite 1200 San Antonio, TX 78259 Members of the Board: We hereby consent to the use by Biglari Holdings Inc. of the audited financial statements of The Lion Fund II, L.P. as of and for the periods ended December 31, 2024, 2023 and 2022 appearing in the Form 10-K/A for the fiscal year e

March 31, 2025 EX-31.02

Rule 13a-14(a)/15d-14(a) Certification of Controller

Exhibit 31.02 CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.l have reviewed this Amendment No. 1 to the annual report on form 10-K/A of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact o

March 31, 2025 EX-32.01

Section 1350 Certifications

Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with Amendment No. 1 to the Annual Report of Biglari Holdings Inc (the “Company”) on Form 10-K/A for the year ended December 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifi

March 31, 2025 EX-31.01

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

Exhibit 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this Amendment No. 1 to the annual report on form 10-K/A of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact

March 25, 2025 ARS

ARS

20241 1 Dear Shareholders of Biglari Holdings Inc.: Biglari Holdings is a collection of controlled and noncontrolled businesses — a group we seek to build upon with companies possessing excellent economics and exceptional management. Constructing a corporation is much like constructing an edifice: the stronger the foundation, the higher one can build. Our subsidiary businesses operate independentl

March 21, 2025 DEF 14A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of The Securities Exchange Act of 1934 (Ame

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of The Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confiden

March 3, 2025 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.02 CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.l have reviewed this annual report on form 10-K of Biglari Holdings Inc. 2.Based on my knowledge this report does not contain any untrue statement of a material fact or omit to state a material

March 3, 2025 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Biglari Holdings Inc. (the “Company”) on Form 10-K for the year ended December 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifies, pursuant to 18 U

March 3, 2025 8-K

Regulation FD Disclosure, Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): March 1, 2025 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Num

March 3, 2025 EX-19.01

Insider Trading Policies and Procedures

Biglari Holdings Inc. Insider Trading Policy Federal law prohibits the purchase or sale of publicly traded securities on the basis of material nonpublic information. “Material” information is any information that a reasonable investor would consider important in making a decision to buy or sell stock because the information is relevant to the value of such securities. In short, any information whi

March 3, 2025 EX-10.10

Loan agreement, dated November 8, 2024, between Biglari Holdings Inc. and International Bank of Commerce.

1 LOAN AGREEMENT [Revolving Line of Credit] THIS LOAN AGREEMENT [Revolving Line of Credit] (the “Loan Agreement”), dated November 8, 2024 (the “Effective Date”), is made by and between the parties set forth below.

March 3, 2025 EX-21.01

Subsidiaries of the Company.

Exhibit 21.01 BIGLARI HOLDINGS INC. Subsidiaries Jurisdiction of Incorporation or Organization Abraxas Petroleum Corporation Nevada Biglari Reinsurance Ltd. Bermuda First Guard Insurance Company Arizona Maxim Inc. Delaware Steak n Shake Inc. Indiana Southern Oil Company Delaware Southern Pioneer Property & Casualty Insurance Company Arkansas Western Sizzlin Corporation Delaware Each of the named s

March 3, 2025 EX-10.09

Amended revolving line of credit note between Biglari Holdings Inc. and Texas Partners Bank.

-1- Loan Number 547816 4892-2750-7681, v. 4 REVOLVING LINE OF CREDIT NOTE Date: September 13, 2024 Borrower: BIGLARI HOLDINGS INC., an Indiana corporation Borrower’s Address: 19100 Ridgewood Parkway, Suite 1200 San Antonio, Bexar County, Texas 78259 Lender: TEXAS PARTNERS BANK, a Texas state bank Lender’s Address/Place for Payment: 1900 NW Loop 410 San Antonio, Bexar County, Texas 78213 Principal

March 3, 2025 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this annual report on form 10-K of Biglari Holdings Inc.; 2.Based on my knowledge this report does not contain any untrue statement of a material fact or omit to state a materi

March 3, 2025 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, March 1, 2025 – Biglari Holdings Inc.’s 2024 Annual Report to the shareholders has been posted on the Internet, where it can be accessed at www.biglariholdings.com. The report includes Sardar Biglari’s annual letter to shareholders. Biglari Holdings Inc.’s earnings for the fourth quarter and full year of 2024 and 2023 are summarized below. To bec

March 3, 2025 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLARI HOLDINGS INC. (Exa

March 3, 2025 EX-99.1

Report of Netherland, Sewell & Associates Inc. Independent Petroleum Engineers and Geologists.

February 20, 2025 Mr. Sardar Biglari Biglari Holdings, Inc. 19100 Ridgewood Parkway, Suite 1200 San Antonio, Texas 78259 Dear Mr. Biglari: In accordance with your request, we have estimated the proved reserves and future revenue, as of December 31, 2024, to the combined interests of Abraxas Petroleum Corporation (Abraxas) and Southern Oil Company (SOC) (collectively referred to herein as "Abraxas-

December 20, 2024 EX-1

Transactions in Shares in the Past Sixty Days

Exhibit 1 Transactions in Shares in the Past Sixty Days Nature of the Transaction Securities Purchased/(Sold) Price Per Share($) Date of Purchase / Sale THE LION FUND, L.

November 15, 2024 SC 13D/A

BHA / Biglari Holdings Inc. - Class A / BIGLARI CAPITAL CORP. - AMENDMENT NO. 48 TO THE SCHEDULE 13D Activist Investment

SC 13D/A 1 sc13da480810600311152024.htm AMENDMENT NO. 48 TO THE SCHEDULE 13D UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.13d-2(a) (Amendment No. 48)1 Biglari Holdings Inc. (Name of Issuer) Class A Common Stock, No Par Value

November 8, 2024 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

November 8, 2024 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

November 8, 2024 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, November 8, 2024 – Biglari Holdings Inc. announces its results for the third quarter and first nine months of 2024. Biglari Holdings Inc.’s earnings for the third quarter and first nine months of 2024 and 2023 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.

November 8, 2024 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to

November 8, 2024 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477

November 8, 2024 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 8, 2024

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 8, 2024 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File

August 9, 2024 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGL

August 9, 2024 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

August 9, 2024 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 9, 2024

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 9, 2024 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Nu

August 9, 2024 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

August 9, 2024 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U.

August 9, 2024 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, August 9, 2024 – Biglari Holdings Inc. announces its results for the second quarter and first six months of 2024. Biglari Holdings Inc.’s earnings for the second quarter and first six months of 2024 and 2023 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.bi

May 10, 2024 8-K

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 10, 2024 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Numb

May 10, 2024 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U

May 10, 2024 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

May 10, 2024 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, May 10, 2024 – Biglari Holdings Inc. announces its results for the first quarter of 2024. Biglari Holdings Inc.’s earnings for the first quarter of 2024 and 2023 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.biglariholdings.com. (dollars in thousands) Firs

May 10, 2024 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIG

May 10, 2024 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

April 18, 2024 8-K

Submission of Matters to a Vote of Security Holders

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): April 17, 2024 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Nu

March 29, 2024 EX-99.01

Consent of The Lion Fund II, L.P.

Exhibit 99.01 CONSENT OF THE LION FUND II, L.P. Board of Directors Biglari Holdings Inc. 19100 Ridgewood Parkway, Suite 1200 San Antonio, TX 78259 Members of the Board: We hereby consent to the use by Biglari Holdings Inc. of the audited financial statements of The Lion Fund II, L.P. as of and for the periods ended December 31, 2023, 2022 and 2021 appearing in the Form 10-K/A for the fiscal year e

March 29, 2024 EX-32.01

Section 1350 Certifications

Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350. AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with Amendment No. 1 to the Annual Report of Biglari Holdings Inc (the “Company’ ) on Form 10-K/A for the year ended December 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certif

March 29, 2024 10-K/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLAR

March 29, 2024 EX-31.01

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

Exhibit 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this Amendment No. 1 to the annual report on form 10-K/A of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact

March 29, 2024 EX-31.02

Rule 13a-14(a)/15d-14(a) Certification of Controller

Exhibit 31.02 CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.l have reviewed this Amendment No. 1 to the annual report on form 10-K/A of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact o

March 28, 2024 SC 13D/A

BH.A / Biglari Holdings Inc. / BIGLARI CAPITAL CORP. - AMENDMENT NO. 47 TO THE SCHEDULE 13D Activist Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.13d-2(a) (Amendment No. 47)1 Biglari Holdings Inc. (Name of Issuer) Class A Common Stock, No Par Value (Title of Class of Securities) 08986R408 (CUSIP Number) Sardar Biglari Bigla

March 20, 2024 PX14A6G

United States Securities and Exchange Commission Washington, DC 20549 Notice of Exempt Solicitation

United States Securities and Exchange Commission Washington, DC 20549 Notice of Exempt Solicitation 1.

March 19, 2024 DEF 14A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of The Securities Exchange Act of 1934 (Ame

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of The Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confiden

February 26, 2024 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350. AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Biglari Holdings Inc (the “Company”) on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifies, pursuant to 18 U

February 26, 2024 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I. Sardar Biglari, certify that 1.I have reviewed this annual report on form 10-K of Biglari Holdings Inc.; 2.Based on my knowledge this report does not contain any untrue statement of a material fact or omit to state a materia

February 26, 2024 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 24, 2024

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 24, 2024 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File

February 26, 2024 EX-21.01

Subsidiaries of the Company.

Exhibit 21.01 BIGLARI HOLDINGS INC. Subsidiaries Jurisdiction of Incorporation or Organization Abraxas Petroleum Corporation Nevada First Guard Insurance Company Arizona Maxim Inc. Delaware Steak n Shake Inc. Indiana Southern Oil Company Delaware Southern Pioneer Property & Casualty Insurance Company Arkansas Western Sizzlin Corporation Delaware

February 26, 2024 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.02 CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I. Bruce Lewis, certify that 1.l have reviewed this annual report on form 10-K of Biglari Holdings Inc; 2.Based on my knowledge this report does not contain any untrue statement of a material fact or omit to state a material f

February 26, 2024 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLARI HOLDINGS INC. (Exa

February 26, 2024 EX-99.1

Report of Netherland, Sewell & Associates Inc. Independent Petroleum Engineers and Geologists.

February 23, 2024 Mr. Sardar Biglari Biglari Holdings, Inc. 19100 Ridgewood Parkway, Suite 1200 San Antonio, Texas 78259 Dear Mr. Biglari: In accordance with your request, we have estimated the proved reserves and future revenue, as of December 31, 2023, to the combined interests of Abraxas Petroleum Corporation (Abraxas) and Southern Oil of Louisiana LLC (SOLA) (collectively referred to herein as

February 26, 2024 EX-97

Biglari Holdings Inc. Dodd-Frank Clawback Policy

BIGLARI HOLDINGS INC. DODD-FRANK CLAWBACK POLICY Biglari Holdings Inc. (the “Company”) has adopted this clawback policy (the “Policy”) to provide for the recovery of erroneously awarded Incentive-Based Compensation from Executive Officers. This Policy shall be interpreted to comply with the clawback rules found in 17 C.F.R. §240.10D and Section 303A.14 of the Listed Company Manual of the New York

February 26, 2024 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, February 24, 2024 – Biglari Holdings Inc.’s 2023 Annual Report to the shareholders has been posted on the Internet, where it can be accessed at www.biglariholdings.com. The report includes Sardar Biglari’s annual letter to shareholders. Biglari Holdings Inc.’s earnings for the fourth quarter and full year of 2023 and 2022 are summarized below. To

February 14, 2024 SC 13G/A

JACK / Jack in the Box Inc. / Biglari Holdings Inc. - SC 13G/A Passive Investment

SC 13G/A 1 d741185dsc13ga.htm SC 13G/A Securities and Exchange Commission Washington, D.C. 20549 Schedule 13G (Rule 13d-102) Information to be Included in Statements Filed Pursuant to § 240.13d-1(b), (c) and (d) and Amendments Thereto Filed Pursuant to § 240.13d-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. 1)* JACK IN THE BOX INC. (Name of Issuer) Common Stock (Title of Class of Secu

November 3, 2023 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477

November 3, 2023 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to

November 3, 2023 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

November 3, 2023 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

November 3, 2023 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, November 3, 2023 – Biglari Holdings Inc. announces its results for the third quarter and first nine months of 2023. Biglari Holdings Inc.’s earnings for the third quarter and first nine months of 2023 and 2022 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.

November 3, 2023 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 3, 2023

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 3, 2023 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File

August 4, 2023 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U.

August 4, 2023 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 4, 2023

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 4, 2023 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Nu

August 4, 2023 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGL

August 4, 2023 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, August 4, 2023 – Biglari Holdings Inc. announces its results for the second quarter and first six months of 2023. Biglari Holdings Inc.’s earnings for the second quarter and first six months of 2023 and 2022 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.bi

August 4, 2023 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

August 4, 2023 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

May 5, 2023 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIG

May 5, 2023 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 5, 2023

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 5, 2023 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Numbe

May 5, 2023 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

May 5, 2023 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U

May 5, 2023 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

May 5, 2023 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, May 5, 2023 – Biglari Holdings Inc. announces its results for the first quarter of 2023. Biglari Holdings Inc.’s earnings for the first quarter of 2023 and 2022 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.biglariholdings.com. (dollars in thousands) First

April 21, 2023 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): April 20, 2023

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): April 20, 2023 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Nu

April 13, 2023 ARS

ARS

20221 1 Dear Shareholders of Biglari Holdings Inc.: We view Biglari Holdings as a museum of businesses — an eclectic collection of controlled and noncontrolled enterprises. Because we are collectors of businesses, as opposed to collectors of art, our central interest lies in owning productive assets. We endeavor to build upon this collection with companies possessing excellent economics, operated

March 31, 2023 EX-31.02

Rule 13a-14(a)/15d-14(a) Certification of Controller

Exhibit 31.02 CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.l have reviewed this Amendment No. 1 to the annual report on form 10-K/A of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact o

March 31, 2023 EX-31.01

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

Exhibit 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this Amendment No. 1 to the annual report on form 10-K/A of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact

March 31, 2023 EX-32.01

Section 1350 Certifications

Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350. AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with Amendment No. 1 to the Annual Report of Biglari Holdings Inc (the “Company’ ) on Form 10-K/A for the year ended December 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certif

March 31, 2023 EX-99.01

Consent of The Lion Fund II, L.P.

EX-99.01 5 bh-10xka20221231xexx9901.htm EX-99.01 Exhibit 99.01 CONSENT OF THE LION FUND II, L.P. Board of Directors Biglari Holdings Inc. 19100 Ridgewood Parkway, Suite 1200 San Antonio, TX 78259 Members of the Board: We hereby consent to the use by Biglari Holdings Inc. of the audited financial statements of The Lion Fund II, L.P. as of and for the periods ended December 31, 2022, 2021 and 2020 a

March 31, 2023 10-K/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLAR

March 27, 2023 DEF 14A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of The Securities Exchange Act of 1934 (Ame

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of The Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confiden

February 27, 2023 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 25, 2023

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 25, 2023 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File

February 27, 2023 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I. Sardar Biglari, certify that 1.I have reviewed this annual report on form 10-K of Biglari Holdings Inc.; 2.Based on my knowledge this report does not contain am untrue statement of a material fact or omit to stale a material

February 27, 2023 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.02 CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I. Bruce Lewis, certify that 1.l have reviewed this annual report on form 10-K of Biglari Holdings Inc; 2.Based on my knowledge this report does not contain any untrue statement of a material fact or omit to state a material f

February 27, 2023 EX-99.1

Report of Netherland, Sewell & Associates Inc. Independent Petroleum Engineers and Geologists.

nsai12-31x22biglaricombi February 24, 2023 Mr. Sardar Biglari Biglari Holdings, Inc. 19100 Ridgewood Parkway, Suite 1200 San Antonio, Texas 78259 Dear Mr. Biglari: In accordance with your request, we have estimated the proved reserves and future revenue, as of December 31, 2022, to the combined interests of Abraxas Petroleum Corporation (Abraxas) and Southern Oil of Louisiana LLC (SOLA) (collectiv

February 27, 2023 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350. AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Biglari Holdings Inc (the “Company’ ) on Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifies, pursuant to 18 U

February 27, 2023 EX-10.10

Form of Indemnity Agreement for Directors, as adopted on May 26, 2022 (incorporated by reference to Exhibit 10.10 to the Company's Annual Report of Form 10-K for the annual period ended December 31, 2022)

formofindemnityagreement IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written. BIGLARI HOLDINGS INC., Name: Title: INDEMNITEE Name: [Signature Page to Indemnity Agreement]

February 27, 2023 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, February 25, 2023 – Biglari Holdings Inc.’s 2022 Annual Report to the shareholders has been posted on the Internet, where it can be accessed at www.biglariholdings.com. The report includes Sardar Biglari’s annual letter to shareholders. Biglari Holdings Inc.’s earnings for the fourth quarter and full year of 2022 and 2021 are summarized below. To

February 27, 2023 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLARI HOLDINGS INC. (Exa

February 27, 2023 EX-21.01

Subsidiaries of the Company.

Exhibit 21.01 BIGLARI HOLDINGS INC. Subsidiaries Jurisdiction of Incorporation or Organization Abraxas Petroleum Corporation Nevada First Guard Insurance Company Arizona Maxim Inc. Delaware Steak n Shake Inc. Indiana Southern Oil Company Delaware Southern Pioneer Property and Casualty Insurance Company Arkansas Western Sizzlin Corporation Delaware

February 10, 2023 EX-99

JOINT FILING AGREEMENT

EX-99 Exhibit 99 JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree that they are jointly filing this statement on Schedule 13G.

February 10, 2023 SC 13G

JACK / Jack in the Box Inc. / Biglari Holdings Inc. - SC 13G Passive Investment

SC 13G Securities and Exchange Commission Washington, D.C. 20549 Schedule 13G (Rule 13d-102) Information to be Included in Statements Filed Pursuant to § 240.13d-1(b), (c) and (d) and Amendments Thereto Filed Pursuant to § 240.13d-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. )* JACK IN THE BOX INC. (Name of Issuer) Common Stock (Title of Class of Securities) 466367109 (CUSIP Number)

February 1, 2023 LETTER

LETTER

United States securities and exchange commission logo February 1, 2023 Bruce Lewis Controller Biglari Holdings Inc.

January 17, 2023 CORRESP

BIGLARI HOLDINGS INC. 19100 RIDGEWOOD PARKWAY, SUITE 1200 SAN ANTONIO, TEXAS 78259 TELEPHONE (210) 344-3400 FAX (210) 344-3411

BIGLARI HOLDINGS INC. 19100 RIDGEWOOD PARKWAY, SUITE 1200 SAN ANTONIO, TEXAS 78259 TELEPHONE (210) 344-3400 FAX (210) 344-3411 January 17, 2023 Abe Friedman and Lyn Shenk Division of Corporation Finance, Office of Trade & Services United States Securities and Exchange Commission Washington, D.C. 20549 Re: Biglari Holdings Inc. Form 10-K for Fiscal Year Ended December 31, 2021 Filed February 28, 20

December 15, 2022 LETTER

LETTER

United States securities and exchange commission logo December 15, 2022 Bruce Lewis Controller Biglari Holdings Inc.

November 30, 2022 EX-99.1

Exhibit 99.1 AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF ABRAXAS PETROLEUM CORPORATION AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2021 Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Abraxas Petro

Exhibit 99.1 AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF ABRAXAS PETROLEUM CORPORATION AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2021 Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Abraxas Petroleum Corporation Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Abraxas Petroleum Corporation (th

November 30, 2022 EX-99.2

Exhibit 99.2 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF ABRAXAS PETROLEUM CORPORATION AS OF AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 ABRAXAS PETROLEUM CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in t

Exhibit 99.2 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF ABRAXAS PETROLEUM CORPORATION AS OF AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 ABRAXAS PETROLEUM CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands except per share data) Nine Months Ended September 30, 2022 Revenues: Oil and gas production revenues Oil $ 31,307 Gas 5,733 Natural gas liqu

November 30, 2022 EX-99.3

BIGLARI HOLDINGS INC. UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

Exhibit 99.3 BIGLARI HOLDINGS INC. UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION Introduction On September 14, 2022, Biglari Holdings Inc. (the ?Company?) completed the purchase of 685,505 shares of Series A Preferred Stock (the ?Preferred Shares?) of Abraxas Petroleum Corporation (?Abraxas?) for a purchase price of $80 million. The Preferred Shares were purchased pursuant to a Pref

November 30, 2022 8-K/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A (Amendment No. 1) CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 14,

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A (Amendment No. 1) CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 14, 2022 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporat

November 4, 2022 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to

November 4, 2022 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477

November 4, 2022 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

November 4, 2022 8-K

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 4, 2022 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File

November 4, 2022 EX-99

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, November 4, 2022 ? Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the third quarter and first nine months of 2022. Biglari Holdings Inc.?s earnings for the third quarter and first nine months of 2022 and 2021 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has be

November 4, 2022 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

October 28, 2022 EX-99.1

JOINT FILING AGREEMENT

EX-99.1 EXHIBIT 1 JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree that they are jointly filing this statement on Schedule 13D. Each of them is responsible for the timely filing of such statement and any amendments thereto, and for the completeness and accuracy of the information concerning su

October 28, 2022 SC 13D

AXAS / Abraxas Petroleum Corp. / Biglari Holdings Inc. - SC 13D Activist Investment

SC 13D SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. )* Abraxas Petroleum Corporation (Name of Issuer) Common Stock (Title of Class of Securities) 003830304 (CUSIP Number) Sardar Biglari 19100 Ridgewood Parkway Suite 1200 San Antonio, TX 78259 (210) 344-3400 (Name, Address and Telephone Number of Person Authorized to

September 26, 2022 8-K

Completion of Acquisition or Disposition of Assets

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): September 14, 2022 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission Fil

August 5, 2022 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

August 5, 2022 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U.

August 5, 2022 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

August 5, 2022 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGL

August 5, 2022 8-K

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 5, 2022 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Nu

August 5, 2022 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, August 5, 2022 ? Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the second quarter and first six months of 2022. Biglari Holdings Inc.?s earnings for the second quarter and first six months of 2022 and 2021 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been

June 13, 2022 EX-99.1

JOINT FILING AGREEMENT

Exhibit 99.1 JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including additional amendments thereto) with respect to the shares of Class A Common Stock, no par value, of Biglari Holdings Inc., an Indiana corporation. Thi

June 13, 2022 SC 13D/A

BH.A / Biglari Holdings Inc. / BIGLARI CAPITAL CORP. - AMENDMENT NO. 46 TO THE SCHEDULE 13D Activist Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.13d-2(a) (Amendment No. 46)1 Biglari Holdings Inc. (Name of Issuer) Class A Common Stock, No Par Value (Title of Class of Securities) 08986R408 (CUSIP Number) Sardar Biglari Bigla

May 27, 2022 8-K

Submission of Matters to a Vote of Security Holders

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 26, 2022 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Numb

May 6, 2022 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

May 6, 2022 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, May 6, 2022 ? Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the first quarter of 2022. Biglari Holdings Inc.?s earnings for the first quarter 2022 and 2021 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.biglariholdings.com. (dollars in th

May 6, 2022 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

May 6, 2022 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIG

May 6, 2022 8-K

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 6, 2022 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Numbe

May 6, 2022 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U

April 13, 2022 DEF 14A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of The Securities Exchange Act of 1934 (Ame

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of The Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant ? Filed by a Party other than the Registrant ? Check the appropriate box: ? Preliminary Proxy Statement ? Confiden

April 5, 2022 SC 13D/A

BH.A / Biglari Holdings Inc. / GAMCO INVESTORS, INC. ET AL Activist Investment

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 22) Biglari Holdings Inc. (Name of Issuer) Class A Common Stock, No Par Value (Title of Class of Securities) 08986R408 (CUSIP Number) David Goldman GAMCO Investors, Inc. One Corporate Center Rye, New York 10580-1435 (914) 921-5000 (Name, Address and Telephone Number of Pe

March 31, 2022 10-K/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLAR

March 31, 2022 EX-32.01

Section 1350 Certifications

Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350. AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with Amendment No. 1 to the Annual Report of Biglari Holdings Inc (the “Company’ ) on Form 10-K/A for the year ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certif

March 31, 2022 EX-99.01

Consent of The Lion Fund II, L.P.

Exhibit 99.01 CONSENT OF THE LION FUND II, L.P. Board of Directors Biglari Holdings Inc. 17802 IH 10 West, Suite 400 San Antonio, TX 78257 Members of the Board: We hereby consent to the use by Biglari Holdings Inc. of the audited financial statements of The Lion Fund II, L.P. as of and for the periods ended December 31, 2021, 2020 and 2019 appearing in the Form 10-K/A for the fiscal year ended Dec

March 31, 2022 EX-31.01

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

Exhibit 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I. Sardar Biglari, certify that 1.I have reviewed this Amendment No. 1 to the annual report on form 10-K/A of Biglari Holdings Inc.; 2.Based on my knowledge this report does not contain am untrue statement of a material fact or

March 31, 2022 EX-31.02

Rule 13a-14(a)/15d-14(a) Certification of Controller

Exhibit 31.02 CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I. Bruce Lewis, certify that 1.l have reviewed this Amendment No. 1 to the annual report on form 10-K/A of Biglari Holdings Inc; 2.Based on my knowledge this report does not contain any untrue statement of a material fact or o

February 28, 2022 8-K

Regulation FD Disclosure

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 26, 2022 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File

February 28, 2022 EX-21.01

Subsidiaries of the Company.

Exhibit 21.01 BIGLARI HOLDINGS INC. Subsidiaries Jurisdiction of Incorporation or Organization First Guard Insurance Company Arizona Maxim Inc. Delaware Steak n Shake Inc. Indiana Southern Oil Company Delaware Southern Pioneer Property and Casualty Insurance Company Arkansas Western Sizzlin Corporation Delaware

February 28, 2022 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.02 CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I. Bruce Lewis, certify that 1.l have reviewed this annual report on form 10-K of Biglari Holdings Inc; 2.Based on my knowledge this report does not contain any untrue statement of a material fact or omit to state a material f

February 28, 2022 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLARI HOLDINGS INC. (Exa

February 28, 2022 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350. AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Biglari Holdings Inc (the “Company’ ) on Form 10-K for the year ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifies, pursuant to 18 U

February 28, 2022 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I. Sardar Biglari, certify that 1.I have reviewed this annual report on form 10-K of Biglari Holdings Inc.; 2.Based on my knowledge this report does not contain am untrue statement of a material fact or omit to stale a material

February 28, 2022 EX-99.1

Report of Netherland, Sewell & Associates Inc. Independent Petroleum Engineers and Geologists.

February 2, 2022 Mr. Sardar Biglari Southern Oil of Louisiana LLC 17802 Interstate Highway 10 West, Suite 400 San Antonio, Texas 78257 Dear Mr. Biglari: In accordance with your request, we have estimated the proved reserves and future revenue, as of December 31, 2021, to the Southern Oil of Louisiana LLC (SOLA) interest in certain oil and gas properties located onshore and offshore Louisiana and T

November 5, 2021 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

November 5, 2021 8-K

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 5, 2021 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File

November 5, 2021 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477

November 5, 2021 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

November 5, 2021 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, November 5, 2021 ? Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the third quarter and first nine months of 2021. Biglari Holdings Inc.?s earnings for the third quarter and first nine months of 2021 and 2020 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has be

November 5, 2021 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to

August 6, 2021 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U.

August 6, 2021 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

August 6, 2021 8-K

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 6, 2021 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Nu

August 6, 2021 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGL

August 6, 2021 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, August 6, 2021 ? Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the second quarter and first six months of 2021. Biglari Holdings Inc.?s earnings for the second quarter and first six months of 2021 and 2020 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been

August 6, 2021 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

July 23, 2021 SC 13D/A

BH.A / Biglari Holdings Inc. / GAMCO INVESTORS, INC. ET AL Activist Investment

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 21) Biglari Holdings Inc. (Name of Issuer) Class A Common Stock, No Par Value (Title of Class of Securities) 08986R408 (CUSIP Number) David Goldman GAMCO Investors, Inc. One Corporate Center Rye, New York 10580-1435 (914) 921-5000 (Name, Address and Telephone Number of Pe

June 15, 2021 SC 13D/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.13d-2(a) (Amendment No. 45)1

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO ? 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO ? 240.13d-2(a) (Amendment No. 45)1 Biglari Holdings Inc. (Name of Issuer) Class A Common Stock, No Par Value (Title of Class of Securities) 08986R408 (CUSIP Number) Sardar Biglari Bigla

June 4, 2021 SC 13D/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.13d-2(a) (Amendment No. 44)1

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO ? 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO ? 240.13d-2(a) (Amendment No. 44)1 Biglari Holdings Inc. (Name of Issuer) Class A Common Stock, No Par Value (Title of Class of Securities) 08986R408 (CUSIP Number) Sardar Biglari Bigla

June 1, 2021 8-K

Submission of Matters to a Vote of Security Holders

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 27, 2021 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Numb

May 27, 2021 EX-10.1

tnership Agreement of The Lion Fund II, L.P., as amende

SECOND AMENDED AND RESTATED PARTNERSHIP AGREEMENT of THE LION FUND II, L.P. (A Delaware Limited Partnership) as of May 26, 2021 TABLE OF CONTENTS Page ARTICLE I DEFINITIONS 1 1.01. Additional Capital Contribution 1 1.02. Additional Limited Partner 1 1.03. Adjusted Capital 1 1.04. Affiliate 1 1.05. Agreement 1 1.06. Approval of the Limited Partners 1 1.07. Bankruptcy 2 1.08. Biglari Holdings 2 1.09

May 27, 2021 8-K

Entry into a Material Definitive Agreement, Financial Statements and Exhibits

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 26, 2021 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Numb

May 14, 2021 SC 13D/A

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 20) Biglari Holdings Inc.

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 20) Biglari Holdings Inc. (Name of Issuer) Class A Common Stock, No Par Value (Title of Class of Securities) 08986R408 (CUSIP Number) David Goldman GAMCO Investors, Inc. One Corporate Center Rye, New York 10580-1435 (914) 921-5000 (Name, Address and Telephone Number of Pe

May 7, 2021 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a mate

May 7, 2021 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1.I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a m

May 7, 2021 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, May 7, 2021 ? Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the first quarter of 2021. Biglari Holdings Inc.?s earnings for the first quarter 2021 and 2020 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.biglariholdings.com. (dollars in th

May 7, 2021 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U

May 7, 2021 8-K

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 7, 2021 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Numbe

May 7, 2021 10-Q

Quarterly Report - 10-Q

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIG

May 7, 2021 8-K

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): May 7, 2021 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Numbe

April 29, 2021 DEF 14A

- DEF 14A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of The Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant ? Filed by a Party other than the Registrant ? Check the appropriate box: ? Preliminary Proxy Statement ? Confiden

April 1, 2021 EX-31.02

Rule 13a-14(a)/15d-14(a) Certification of Controller

Exhibit 31.02 CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I. Bruce Lewis, certify that 1.l have reviewed this Amendment No. 1 to the annual report on form 10-K/A of Biglari Holdings Inc; 2.Based on my knowledge this report does not contain any untrue statement of a material fact or o

April 1, 2021 EX-32.01

Section 1350 Certifications

Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350. AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with Amendment No. 1 to the Annual Report of Biglari Holdings Inc (the ?Company? ) on Form 10-K/A for the year ended December 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the ?Report?), each of the undersigned certif

April 1, 2021 EX-99.01

Consent of The Lion Fund II, L.P.

Exhibit 99.01 CONSENT OF THE LION FUND II, L.P. Board of Directors Biglari Holdings Inc. 17802 IH 10 West, Suite 400 San Antonio, TX 78257 Members of the Board: We hereby consent to the use by Biglari Holdings Inc. of the audited financial statements of The Lion Fund II, L.P. as of and for the periods ended December 31, 2020, 2019 and 2018 appearing in the Form 10-K/A for the fiscal year ended Dec

April 1, 2021 10-K/A

Annual Report - 10-K/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Amendment No. 1) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLAR

April 1, 2021 EX-31.01

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

Exhibit 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I. Sardar Biglari, certify that 1.I have reviewed this Amendment No. 1 to the annual report on form 10-K/A of Biglari Holdings Inc.; 2.Based on my knowledge this report does not contain am untrue statement of a material fact or

March 1, 2021 8-K

Regulation FD Disclosure

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 27, 2021 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File

March 1, 2021 EX-21.01

Subsidiaries of the Company.

Exhibit 21.01 BIGLARI HOLDINGS INC. Subsidiaries Jurisdiction of Incorporation or Organization First Guard Insurance Company Arizona Maxim Inc. Delaware Steak n Shake Inc. Indiana Southern Oil Company Delaware Southern Pioneer Property and Casualty Insurance Company Arkansas Western Sizzlin Corporation Delaware

March 1, 2021 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350. AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Biglari Holdings Inc (the “Company’ ) on Form 10-K for the year ended December 31. 20l9 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifies, pursuant to 18 U

March 1, 2021 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(a) OF THE SECURITIES EXCHANGE ACT OF 1934 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I. Sardar Biglari, certify that 1.I have reviewed this annual report on form 10-K of Biglari Holdings Inc.; 2.Based on my knowledge this report does not contain am untrue statement of a material fact or omit to stale a material

March 1, 2021 10-K

Annual Report - 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLARI HOLDINGS INC. (Exa

March 1, 2021 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.02 CERTIFICATION PURSUANT TO RULE 13a-l4(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I. Bruce Lewis, certify that 1.l have reviewed this annual report on form 10-K of Biglari Holdings Inc; 2.Based on my knowledge this report does not contain any untrue statement of a material fact or omit to state a material f

December 21, 2020 SC 13D/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.13d-2(a) (Amendment No. 43)*

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.13d-2(a) (Amendment No. 43)* Biglari Holdings Inc. (Name of Issuer) Class A Common Stock, No Par Value (Title of Class of Securities) 08986R408 (CUSIP Number) Sardar Biglari Bigla

December 9, 2020 SC 13D/A

BH / Biglari Holdings Inc. / GAMCO INVESTORS, INC. ET AL Activist Investment

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 19) Biglari Holdings Inc. (Name of Issuer) Class A Common Stock, No Par Value (Title of Class of Securities) 08986R408 (CUSIP Number) David Goldman GAMCO Investors, Inc. One Corporate Center Rye, New York 10580-1435 (914) 921-5000 (Name, Address and Telephone Number of Pe

November 9, 2020 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a ma

November 9, 2020 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to

November 9, 2020 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLARI HOLDINGS

November 9, 2020 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a

November 6, 2020 8-K

Financial Statements and Exhibits, Results of Operations and Financial Condition -

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 6, 2020 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File

November 6, 2020 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, November 6, 2020 – Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the third quarter and first nine months of 2020. Biglari Holdings Inc.’s earnings for the third quarter and first nine months of 2020 and 2019 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has be

August 18, 2020 SC 13D/A

BH / Biglari Holdings Inc. / BIGLARI CAPITAL CORP. - AMENDMENT NO. 42 TO THE SCHEDULE 13D Activist Investment

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO § 240.13d-2(a) (Amendment No. 42)* Biglari Holdings Inc. (Name of Issuer) Class A Common Stock, No Par Value (Title of Class of Securities) 08986R408 (CUSIP Number) Sardar Biglari Bigla

August 10, 2020 8-K

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 7, 2020 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) indiana 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File Nu

August 10, 2020 EX-31.01

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.01 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Sardar Biglari, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a

August 10, 2020 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U.

August 10, 2020 EX-99.1

BIGLARI HOLDINGS INC.

BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, August 7, 2020 – Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the second quarter and first six months of 2020. Biglari Holdings Inc.’s earnings for the second quarter and first six months of 2020 and 2019 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been

August 10, 2020 10-Q

Quarterly Report -

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ? QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLARI HOLDINGS INC.

August 10, 2020 EX-31.02

Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

EXHIBIT 31.02 CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce Lewis, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a ma

June 29, 2020 8-K

Other Events, Submission of Matters to a Vote of Security Holders

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): June 25, 2020 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Its Charter) INDIANA 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File

May 21, 2020 DEF 14A

-

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of The Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confide

May 11, 2020 SC 13D/A

BH / Biglari Holdings Inc. / GAMCO INVESTORS, INC. ET AL Activist Investment

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 18) Biglari Holdings Inc. (Name of Issuer) Class A Common Stock, No Par Value (Title of Class of Securities) 08986R408 (CUSIP Number) David Goldman GAMCO Investors, Inc. One Corporate Center Rye, New York 10580-1435 (914) 921-5000 (Name, Address and Telephone Number of Pe

May 8, 2020 EX-99.1

BIGLARI HOLDINGS INC.

Exhibit 99.1 BIGLARI HOLDINGS INC. NEWS RELEASE San Antonio, TX, May 8, 2020 – Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the first quarter of 2020. Biglari Holdings Inc.’s earnings for the first quarter 2020 and 2019 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.biglariholdings.com. (

May 8, 2020 10-Q

Quarterly Report -

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLARI HOLDINGS INC.

May 8, 2020 8-K

Financial Statements and Exhibits, Results of Operations and Financial Condition

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): May 8, 2020 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Its Charter) INDIANA 001-38477 82-3784946 (State or Other Jurisdiction of Incorporation) (Commission File N

May 8, 2020 EX-32.01

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U

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