<SEC-DOCUMENT>0000921895-25-003361.txt : 20251216
<SEC-HEADER>0000921895-25-003361.hdr.sgml : 20251216
<ACCEPTANCE-DATETIME>20251216193439
ACCESSION NUMBER:		0000921895-25-003361
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251212
FILED AS OF DATE:		20251216
DATE AS OF CHANGE:		20251216

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LION FUND, L.P.
		CENTRAL INDEX KEY:			0001334426
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38477
		FILM NUMBER:		251576932

	BUSINESS ADDRESS:	
		STREET 1:		19100 RIDGEWOOD PKWY, SUITE 1200
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78259
		BUSINESS PHONE:		210-344-3400

	MAIL ADDRESS:	
		STREET 1:		19100 RIDGEWOOD PKWY, SUITE 1200
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78259

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BIGLARI CAPITAL CORP.
		CENTRAL INDEX KEY:			0001334429
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38477
		FILM NUMBER:		251576933

	BUSINESS ADDRESS:	
		STREET 1:		19100 RIDGEWOOD PKWY, SUITE 1200
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78259
		BUSINESS PHONE:		(210) 344-3400

	MAIL ADDRESS:	
		STREET 1:		19100 RIDGEWOOD PKWY, SUITE 1200
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78259

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BIGLARI, SARDAR
		CENTRAL INDEX KEY:			0001334430
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38477
		FILM NUMBER:		251576934

	MAIL ADDRESS:	
		STREET 1:		C/O BIGLARI HOLDINGS INC.
		STREET 2:		19100 RIDGEWOOD PKWY, SUITE 1200
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78259

	FORMER NAME:	
		FORMER CONFORMED NAME:	Biglari Sardar
		DATE OF NAME CHANGE:	20050727

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Biglari Holdings Inc.
		CENTRAL INDEX KEY:			0001726173
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				823784946
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		19100 RIDGEWOOD PKWY, SUITE 1200
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78259
		BUSINESS PHONE:		210-344-3400

	MAIL ADDRESS:	
		STREET 1:		19100 RIDGEWOOD PKWY, SUITE 1200
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78259

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NBHSA Inc.
		DATE OF NAME CHANGE:	20171221
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
<FILENAME>form408106003_12162025.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
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<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-12-12</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001726173</issuerCik>
        <issuerName>Biglari Holdings Inc.</issuerName>
        <issuerTradingSymbol>BH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001334430</rptOwnerCik>
            <rptOwnerName>BIGLARI, SARDAR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>19100 RIDGEWOOD PKWY, SUITE 1200</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN ANTONIO</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78259</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chairman and CEO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001334429</rptOwnerCik>
            <rptOwnerName>BIGLARI CAPITAL CORP.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>19100 RIDGEWOOD PKWY, SUITE 1200</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN ANTONIO</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78259</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001334426</rptOwnerCik>
            <rptOwnerName>LION FUND, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>19100 RIDGEWOOD PKWY, SUITE 1200</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN ANTONIO</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78259</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class B common stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-12</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>449</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>333.14</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1332477</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By The Lion Fund, L.P.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class B common stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-15</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>152</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>328.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1332629</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By The Lion Fund, L.P.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A common stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-15</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>60</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1635.37</value>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>128287.7</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By The Lion Fund, L.P.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A common stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-16</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>156</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1599.87</value>
                    <footnoteId id="F5"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>128443.7</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By The Lion Fund, L.P.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A common stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>.1</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A common stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>25663.1</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Biglari Capital Corp.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class B common stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class B common stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>71855</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Biglari Capital Corp.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Shares owned directly by Biglari Capital Corp. (&quot;BCC&quot;), including shares of Class A and Class B common stock of the Issuer transferred for no consideration by Sardar Biglari to BCC. Mr. Biglari may be deemed a beneficial owner of the shares of Class A and Class B common stock of the Issuer owned directly by BCC.</footnote>
        <footnote id="F2">Shares owned directly by The Lion Fund, L.P. (the &quot;Lion Fund&quot;). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, Chairman and Chief Executive Officer of BCC. By virtue of these relationships, BCC and Mr. Biglari may be deemed to beneficially own the shares of Class A and Class B common stock of the Issuer owned directly by the Lion Fund.</footnote>
        <footnote id="F3">The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $332.00 to $333.50. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.</footnote>
        <footnote id="F4">The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1,606.46 to $1,645.00. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.</footnote>
        <footnote id="F5">The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1,595.15 to $1,608.67. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.</footnote>
    </footnotes>

    <remarks>This Form 4 is filed jointly by Mr. Biglari, BCC and the Lion Fund. Each of Mr. Biglari, BCC and the Lion Fund disclaims beneficial ownership of the shares of Class A and Class B common stock reported herein except to the extent of his or its pecuniary interest therein.</remarks>

    <ownerSignature>
        <signatureName>By: /s/ Sardar Biglari</signatureName>
        <signatureDate>2025-12-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>By: Biglari Capital Corp.; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer</signatureName>
        <signatureDate>2025-12-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>By: The Lion Fund, L.P.; By: Biglari Capital Corp., its general partner; By: /s/ Sardar Biglari, Chairman and Chief Executive Officer</signatureName>
        <signatureDate>2025-12-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
