BH

Biglari Holdings Inc. is a holding company with diverse operations in the restaurant business, insurance, and media properties. The company's primary operating business is Steak n Shake, an American casual dining restaurant chain known for steakburgers and milkshakes operating throughout the United States. Biglari Holdings also owns significant insurance operations through First Guard Insurance and media properties including Maxim magazine. The company is controlled by Sardar Biglari, who serves as Chairman and CEO and has pursued a value investing strategy with company capital. Based in San Antonio, Texas, Biglari Holdings has faced significant challenges at Steak n Shake including declining same-store sales, operational difficulties, and franchisee tensions. The company has been transitioning Steak n Shake toward a franchise model while closing company-operated locations. Biglari Holdings has generated shareholder controversy regarding executive compensation, capital allocation, and corporate governance practices. The company's stock structure includes both Class A and Class B shares with differing voting rights. Biglari Holdings continues to operate its businesses while managing turnaround efforts at Steak n Shake and maintaining its investment portfolio.