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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
BIGLARI HOLDINGS INC.
(Exact name of registrant as specified in its charter)

Indiana82-3784946
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)

19100 Ridgewood Parkway,
Suite 1200
San Antonio,Texas78259
(Address of principal executive offices)(Zip Code)
(210) 344-3400
Registrant’s telephone number, including area code
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Class A Common Stock, no par value BH.ANew York Stock Exchange
Class B Common Stock, no par valueBHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x    No ¨


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and an “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Smaller reporting company☒
  Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
Number of shares of common stock outstanding as of November 5, 2024:
Class A common stock –  206,864 
Class B common stock –2,068,640 

BIGLARI HOLDINGS INC.
INDEX
Page No.

PART 1 – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

BIGLARI HOLDINGS INC.

CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
September 30,
2024		December 31,
2023
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$29,891 $28,066 
Investments102,902 91,879 
Receivables21,384 22,241 
Inventories3,859 2,980 
Other current assets7,183 7,385 
Total current assets165,219 152,551 
Property and equipment380,622 380,491 
Operating lease assets33,637 32,215 
Goodwill and other intangible assets75,845 76,760 
Investment partnerships201,591 199,103 
Other assets8,202 8,302 
Total assets$865,116 $849,422 
Liabilities and shareholders’ equity
Liabilities
Current liabilities:
Accounts payable and accrued expenses$66,694 $66,743 
Loss and loss adjustment expenses15,281 15,168 
Unearned premiums15,711 14,334 
Current portion of lease obligations14,359 14,855 
Total current liabilities112,045 111,100 
Lease obligations91,989 86,389 
Line of credit9,000 — 
Deferred taxes35,194 37,939 
Asset retirement obligations14,777 14,316 
Other liabilities348 348 
Total liabilities263,353 250,092 
Shareholders’ equity
Common stock1,138 1,138 
Additional paid-in capital385,594 385,594 
Retained earnings637,972 631,458 
Accumulated other comprehensive loss(2,179)(2,518)
Treasury stock, at cost(420,762)(416,342)
Biglari Holdings Inc. shareholders’ equity601,763 599,330 
Total liabilities and shareholders’ equity$865,116 $849,422 
See accompanying Notes to Consolidated Financial Statements.

1
BIGLARI HOLDINGS INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in thousands except per share amounts)
Third QuarterFirst Nine Months
2024202320242023
(Unaudited)(Unaudited)
Revenues  
Restaurant operations$62,384 $61,886 $188,855 $187,506 
Insurance premiums and other18,247 16,624 53,674 50,400 
Oil and gas9,574 12,159 27,755 35,123 
Licensing and media202 268 715 1,624 
Total revenues90,407 90,937 270,999 274,653 
Costs and expenses
Restaurant cost of sales36,212 36,789 107,519 104,455 
Insurance losses and underwriting expenses14,397 12,964 45,205 39,244 
Oil and gas production costs4,425 3,771 13,206 12,754 
Licensing and media costs432 476 1,458 1,427 
Selling, general and administrative19,510 18,315 56,438 54,587 
Gain on sale of oil and gas properties(54)(13,563)(16,700)(13,563)
Impairments— 752 1,107 2,381 
Depreciation, depletion, and amortization10,585 9,611 29,760 29,645 
Interest expense on leases1,353 1,262 4,016 3,870 
Interest expense on borrowings275 262 317 469 
Total costs and expenses87,135 70,639 242,326 235,269 
Other income
Investment gains (losses)4,740 (4,715)3,724 (724)
Investment partnership gains (losses)35,314 (89,599)(22,591)(24,507)
Total other income (expenses)40,054 (94,314)(18,867)(25,231)
Earnings (loss) before income taxes43,326 (74,016)9,806 14,153 
Income tax expense (benefit)11,201 (17,502)3,292 3,254 
Net earnings (loss)32,125 (56,514)6,514 10,899 
Earnings attributable to noncontrolling interest— — — 591 
Net earnings (loss) attributable to Biglari Holdings Inc. shareholders$32,125 $(56,514)$6,514 $10,308 
Net earnings (loss) per average equivalent Class A share *$114.77 $(195.55)$23.15 $35.44 
*Net earnings (loss) per average equivalent Class B share outstanding are one-fifth of the average equivalent Class A share or $22.95 and $4.63 for the third quarter and first nine months of 2024, respectively, and $(39.11) and $7.09 for the third quarter and first nine months of 2023, respectively.
See accompanying Notes to Consolidated Financial Statements.
2
BIGLARI HOLDINGS INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(dollars in thousands)
 Third QuarterFirst Nine Months
 2024202320242023
 (Unaudited)(Unaudited)
Net earnings (loss)$32,125 $(56,514)$6,514 $10,899 
Foreign currency translation488 (286)339 (276)
Comprehensive income (loss)32,613 (56,800)6,853 10,623 
Comprehensive income attributable to noncontrolling interests— — — 591 
Total comprehensive income (loss) attributable to Biglari Holdings Inc. shareholders$32,613 $(56,800)$6,853 $10,032 
See accompanying Notes to Consolidated Financial Statements.

3
BIGLARI HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
First Nine Months
20242023
(Unaudited)
Operating activities  
Net earnings$6,514 $10,899 
Adjustments to reconcile net earnings to operating cash flows:
Depreciation, depletion, and amortization29,760 29,645 
Provision for deferred income taxes(2,756)(5,931)
Asset impairments1,107 2,381 
Gains on sale of assets(21,718)(18,391)
Investment and investment partnership gains and losses18,867 25,231 
Distributions from investment partnerships1,000 — 
Changes in receivables, inventories and other assets(2,503)5,441 
Changes in accounts payable and accrued expenses1,394 (599)
Net cash provided by operating activities31,665 48,676 
Investing activities
Capital expenditures(23,497)(16,910)
Proceeds from property and equipment disposals25,412 20,403 
Purchases of noncontrolling interests— (5,387)
Purchases of interests in limited partnerships(30,499)(41,530)
Purchases of investments(56,183)(78,520)
Sales of investments and redemptions of fixed maturity securities49,851 65,718 
Net cash used in investing activities(34,916)(56,226)
Financing activities
Proceeds from line of credit16,050 31,600 
Payments on line of credit(7,050)(22,600)
Principal payments on direct financing lease obligations(4,131)(4,618)
Net cash provided by financing activities4,869 4,382 
Effect of exchange rate changes on cash(42)(56)
Increase (decrease) in cash, cash equivalents and restricted cash1,576 (3,224)
Cash, cash equivalents and restricted cash at beginning of year29,654 38,805 
Cash, cash equivalents and restricted cash at end of third quarter$31,230 $35,581 
September 30,
20242023
(Unaudited)
Cash and cash equivalents$29,891 $33,993 
Restricted cash in other long-term assets1,339 1,588 
Cash, cash equivalents and restricted cash at end of third quarter$31,230 $35,581 
See accompanying Notes to Consolidated Financial Statements.
4
BIGLARI HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(dollars in thousands)
Biglari Holdings Inc. Shareholders’ Equity
Common
Stock		Additional Paid-In
Capital		Retained
Earnings		Accumulated Other Comprehensive Income (Loss)Treasury
Stock		Non-controlling InterestsTotal
For the third quarter and first nine months of 2024
Balance at December 31, 2023$1,138 $385,594 $631,458 $(2,518)$(416,342)$— $599,330 
Net earnings (loss)22,579 22,579 
Other comprehensive loss(31)(31)
Adjustment for holdings in investment partnerships(3,306)(3,306)
Balance at March 31, 2024$1,138 $385,594 $654,037 $(2,549)$(419,648)$— $618,572 
Net earnings (loss)(48,190)(48,190)
Other comprehensive loss(118)(118)
Adjustment for holdings in investment partnerships(1,085)(1,085)
Balance at June 30, 2024$1,138 $385,594 $605,847 $(2,667)$(420,733)$— $569,179 
Net earnings (loss)32,125 32,125 
Other comprehensive income488 488 
Adjustment for holdings in investment partnerships(29)(29)
Balance at September 30, 2024$1,138 $385,594 $637,972 $(2,179)$(420,762)$— $601,763 
For the third quarter and first nine months of 2023
Balance at December 31, 2022$1,138 $381,788 $576,510 $(2,790)$(409,680)$8,602 $555,568 
Net earnings (loss)64,886 651 65,537 
Other comprehensive income332 332 
Adjustment for holdings in investment partnerships(239)(239)
Balance at March 31, 2023$1,138 $381,788 $641,396 $(2,458)$(409,919)$9,253 $621,198 
Net earnings (loss)1,936 (60)1,876 
Other comprehensive loss(322)(322)
Adjustment for holdings in investment partnerships(1,011)(1,011)
Purchases of noncontrolling interests3,806 (9,193)(5,387)
Balance at June 30, 2023$1,138 $385,594 $643,332 $(2,780)$(410,930)$— $616,354 
Net earnings (loss)(56,514)(56,514)
Other comprehensive loss(286)(286)
Adjustment for holdings in investment partnerships(2,150)(2,150)
Balance at September 30, 2023$1,138 $385,594 $586,818 $(3,066)$(413,080)$— $557,404 
See accompanying Notes to Consolidated Financial Statements.
5
BIGLARI HOLDINGS INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2024
(dollars in thousands, except share and per share data)
Note 1. Summary of Significant Accounting Policies
Description of Business
The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023.
Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, licensing and media, restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company.

Biglari Holdings’ management system combines decentralized operations with centralized financial decision-making. Operating decisions for the various business units are made by their respective managers. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.
As of September 30, 2024, Mr. Biglari beneficially owns shares of the Company that represent approximately 71.5% of the voting interest.

Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including Steak n Shake Inc., Western Sizzlin Corporation, First Guard Insurance Company, Maxim Inc., Southern Pioneer Property & Casualty Insurance Company, Biglari Reinsurance Ltd., Southern Oil Company and Abraxas Petroleum Corporation. Intercompany accounts and transactions have been eliminated in consolidation.
Note 2. Earnings Per Share
Earnings per share of common stock is based on the weighted average number of shares outstanding during the year. The shares of Company stock attributable to our limited partner interest in The Lion Fund, L.P., and The Lion Fund II, L.P., (collectively, the “investment partnerships”) — based on our proportional ownership during this period — are considered treasury stock on the consolidated balance sheet and thereby deemed not to be included in the calculation of weighted average common shares outstanding. However, these shares are legally outstanding.

6
Note 2. Earnings Per Share (continued)
The following table presents shares authorized, issued and outstanding on September 30, 2024 and December 31, 2023.
 September 30, 2024December 31, 2023
 Class AClass BClass AClass B
Common stock authorized500,000 10,000,000 500,000 10,000,000 
Common stock issued and outstanding206,864 2,068,640 206,864 2,068,640 

The Company has applied the “two-class method” of computing earnings per share as prescribed in Accounting Standards Codification (“ASC”) 260, “Earnings Per Share”. (Class B shares are economically equivalent to one-fifth of a Class A share.) The equivalent Class A common stock applied for computing earnings per share excludes the proportional shares of Biglari Holdings’ stock held by the investment partnerships. In the tabulation below is the weighted average equivalent Class A common stock for earnings per share.
Third QuarterFirst Nine Months
2024202320242023
Equivalent Class A common stock outstanding620,592 620,592 620,592 620,592 
Proportional ownership of Company stock held by investment partnerships340,683 331,585 339,245 329,732 
Equivalent Class A common stock for earnings per share279,909 289,007 281,347 290,860 
Note 3. Investments
We classify investments in fixed maturity securities at the acquisition date as available-for-sale. Realized gains and losses on disposals of investments are determined on a specific identification basis. Dividends and interest earned on investments are reported as investment income by our insurance companies. We consider investment income as a component of our aggregate insurance operating results. However, we consider investment gains and losses, whether realized or unrealized, as non-operating.

Investment gains for the third quarter and first nine months of 2024 were $4,740 and $3,724, respectively. Investment losses in the third quarter and first nine months of 2023 were $4,715 and $724, respectively.
Note 4. Investment Partnerships   
The Company reports on the limited partnership interests in investment partnerships under the equity method of accounting. We record our proportional share of equity in the investment partnerships but exclude Company common stock held by said partnerships. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though these shares are legally outstanding. The Company records gains/losses from investment partnerships (inclusive of the investment partnerships’ unrealized gains and losses on their securities) in the consolidated statements of earnings based on our carrying value of these partnerships. The fair value is calculated net of the general partner’s accrued incentive fees. Gains and losses on Company common stock included in the earnings of these partnerships are eliminated because they are recorded as treasury stock. 
Biglari Capital Corp. is the general partner of the investment partnerships. Biglari Capital Corp. is solely owned by Mr. Biglari.


7
Note 4. Investment Partnerships (continued)

The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest are presented below.
 Fair ValueCompany
Common Stock		Carrying Value
Partnership interest at December 31, 2023$472,772 $273,669 $199,103 
Investment partnership gains (losses)(10,682)11,909 (22,591)
Contributions (net of distributions)29,499 29,499 
Changes in proportionate share of Company stock held4,420 (4,420)
Partnership interest at September 30, 2024$491,589 $289,998 $201,591 
 Fair ValueCompany
Common Stock		Carrying Value
Partnership interest at December 31, 2022$383,004 $227,210 $155,794 
Investment partnership gains (losses)21,141 45,648 (24,507)
Contributions (net of distributions)41,530 41,530 
Changes in proportionate share of Company stock held3,400 (3,400)
Partnership interest at September 30, 2023$445,675 $276,258 $169,417 
The carrying value of the investment partnerships net of deferred taxes is presented below.
 September 30,
2024		December 31, 2023
Carrying value of investment partnerships$201,591 $199,103 
Deferred tax liability related to investment partnerships(22,880)(27,896)
Carrying value of investment partnerships net of deferred taxes$178,711 $171,207 
We expect that a majority of the $22,880 deferred tax liability enumerated above will not become due until the dissolution of the investment partnerships.
The Company’s proportionate share of Company stock held by investment partnerships at cost was $420,762 and $416,342 at September 30, 2024 and December 31, 2023, respectively. 
The carrying value of the partnership interest approximates fair value adjusted by the value of held Company stock.  Fair value of our partnership interest is assessed according to our proportional ownership interest of the fair value of investments held by the investment partnerships. Unrealized gains and losses on marketable securities held by the investment partnerships affect our net earnings. 
Gains/losses from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.
 Third QuarterFirst Nine Months
 2024202320242023
Gains (losses) from investment partnerships$35,314 $(89,599)$(22,591)$(24,507)
Tax expense (benefit)8,867 (21,222)(5,438)(6,660)
Contribution to net earnings (loss)$26,447 $(68,377)$(17,153)$(17,847)
On December 31 of each year, the general partner of the investment partnerships, Biglari Capital Corp., will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above an annual hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The total incentive reallocation from Biglari Holdings to Biglari Capital Corp. includes gains on the Company’s common stock. Gains and losses on the Company’s common stock and the related incentive reallocations are eliminated in our financial statements.
There were no incentive reallocations accrued during the first nine months of 2024 and 2023.
8
Note 4. Investment Partnerships (continued)

Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.
 Equity in Investment Partnerships
 Lion FundLion Fund II
Total assets as of September 30, 2024$372,605 $382,895 
Total liabilities as of September 30, 2024$22,447 $183,055 
Revenue for the first nine months of 2024$(1,940)$(630)
Earnings (loss) for the first nine months of 2024$(3,233)$(9,261)
Biglari Holdings’ ownership interest as of September 30, 202490.2 %87.8 %
Total assets as of December 31, 2023$371,365 $373,302 
Total liabilities as of December 31, 2023$26,594 $185,024 
Revenue for the first nine months of 2023$44,886 $(12,172)
Earnings (loss) for the first nine months of 2023$44,208 $(19,603)
Biglari Holdings’ ownership interest as of September 30, 202389.4 %87.8 %
Revenue in the financial information of the investment partnerships, summarized above, includes investment income and unrealized gains and losses on investments.
Note 5. Property and Equipment
Property and equipment is composed of the following.
 September 30,
2024		December 31,
2023
Land$136,953 $139,897 
Buildings158,890 151,716 
Land and leasehold improvements152,016 149,795 
Equipment213,279 212,424 
Oil and gas properties156,364 145,065 
Construction in progress346 1,629 
 817,848 800,526 
Less accumulated depreciation, depletion, and amortization(437,226)(420,035)
Property and equipment, net$380,622 $380,491 
Depletion expense related to oil and gas properties was $7,412 and $7,550 during the first nine months of 2024 and 2023, respectively.
The Company recorded no impairment to restaurant long-lived assets in the third quarter of 2024 and $752 in the third quarter of 2023. The Company recorded an impairment to restaurant long-lived assets related to underperforming stores of $107 and $2,361 in the first nine months of 2024 and 2023, respectively.

Property and equipment held for sale of $773 are recorded in other assets as of December 31, 2023. There was no property and equipment held for sale as of September 30, 2024.

During the first nine months of 2024, the Company sold former company-operated restaurants for a gain of $5,335. During the first nine months of 2023, the Company sold former company-operated restaurants for a gain of $5,253 and Abraxas Petroleum sold its office building with no gain or loss recorded.
9
Note 6. Goodwill and Other Intangible Assets
Goodwill
Goodwill consists of the excess of the purchase price over the fair value of the net assets acquired in connection with business acquisitions.
A reconciliation of the change in the carrying value of goodwill is as follows.
 Goodwill
Goodwill at December 31, 2023
Goodwill $53,830 
Impairments prior to 2024(300)
53,530 
Impairment during the first nine months of 2024(1,000)
Change in foreign exchange rates during the first nine months of 20247 
Goodwill at September 30, 2024
$52,537 

Goodwill and indefinite-lived intangible asset impairment reviews include determining the estimated fair values of our reporting units and indefinite-lived intangible assets. The key assumptions and inputs used in such determinations may include forecasting revenues and expenses, cash flows and capital expenditures, as well as an appropriate discount rate and other inputs. Significant judgment by management is required in estimating the fair value of a reporting unit and in performing impairment reviews. Due to the inherent subjectivity and uncertainty in forecasting future cash flows and earnings over long periods of time, actual results may differ materially from the forecasts. If the carrying value of the indefinite-lived intangible asset exceeds fair value, the excess is charged to earnings as an impairment loss. If the carrying value of a reporting unit exceeds the estimated fair value of the reporting unit, then the excess, limited to the carrying amount of goodwill, will be charged to earnings as an impairment loss. There was no impairment recorded by Steak n Shake for goodwill during the first nine months of 2024 or 2023. During the second quarter of 2024, we performed our annual assessment of our recoverability of goodwill related to Western Sizzlin and an impairment to goodwill of $1,000 was recorded. Western Sizzlin did not record an impairment for goodwill during the first nine months of 2023. There was no impairment recorded for intangible assets during the first nine months of 2024 and a $20 impairment was recorded in the first nine months of 2023.
Other Intangible Assets
Intangible assets with indefinite lives are composed of the following.
 Trade NamesLease RightsTotal
Balance at December 31, 2023
Intangibles$15,876 $11,102 $26,978 
Impairments prior to 2024— (3,748)(3,748)
15,876 7,354 23,230 
Change in foreign exchange rates during the first nine months of 2024— 78 78 
Balance at September 30, 2024
$15,876 $7,432 $23,308 
Note 7. Restaurant Operations Revenues
Restaurant operations revenues were as follows.
 Third QuarterFirst Nine Months
 2024202320242023
Net sales$39,660 $39,195 $119,210 $115,613 
Franchise partner fees17,157 17,622 53,064 54,604 
Franchise royalties and fees3,442 4,073 10,534 12,456 
Other2,125 996 6,047 4,833 
 $62,384 $61,886 $188,855 $187,506 
10
Note 7. Restaurant Operations Revenues (continued)
Net Sales
Net sales are composed of retail sales of food through company-operated stores. Company-operated store revenues are recognized, net of discounts and sales taxes, when our obligation to perform is satisfied at the point of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of earnings as revenue.
Franchise Partner Fees
Franchise partner fees are composed of up to 15% of sales as well as 50% of profits. We are therefore fully affected by the operating results of the business, unlike in a traditional franchising arrangement, where the franchisor obtains a royalty fee based on sales only. We generate most of our revenue from our share of the franchise partners’ profits. An initial franchise fee of ten thousand dollars is recognized when the operator becomes a franchise partner. The Company recognizes franchise partner fees monthly as underlying restaurant sales occur.
The Company leases or subleases property and equipment to franchise partners under lease arrangements. Both real estate and equipment rental payments are charged to franchise partners and are recognized in accordance with ASC 842, “Leases”. During the third quarter of 2024 and 2023, restaurant operations recognized $5,780 and $5,692, respectively, in franchise partner fees related to rental income. During the first nine months ended September 30, 2024 and September 30, 2023, restaurant operations recognized $17,265 and $17,030, respectively, in franchise partner fees related to rental income.
Franchise Royalties and Fees
Franchise royalties and fees from Steak n Shake and Western Sizzlin franchisees are based upon a percentage of sales of the franchise restaurant and are recognized as earned. Franchise royalties are billed on a monthly basis. Initial franchise fees when a new restaurant opens or at the start of a new franchise term are recorded as deferred revenue when received and recognized as revenue over the term of the franchise agreement.
Other Revenue
Restaurant operations sell gift cards to customers which can be redeemed for retail food sales within our stores. Gift cards are recorded as deferred revenue when issued and are subsequently recorded as net sales upon redemption. Restaurant operations estimate breakage related to gift cards when the likelihood of redemption is remote. This estimate utilizes historical trends based on the vintage of the gift card. Breakage on gift cards is recorded as other revenue in proportion to the rate of gift card redemptions by vintage.
Note 8. Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses include the following.
 September 30,
2024		December 31,
2023
Accounts payable$26,314 $22,448 
Gift cards and other marketing5,263 7,089 
Insurance accruals2,411 2,565 
Compensation7,545 12,821 
Deferred revenue4,834 5,314 
Taxes payable13,471 11,050 
Oil and gas payable2,803 3,560 
Other4,053 1,896 
Accounts payable and accrued expenses$66,694 $66,743 

11
Note 9. Lines of Credit
Biglari Holdings Line of Credit
Biglari Holdings’ line of credit dated September 13, 2022 was amended on September 13, 2024 and the available line of credit was increased to $35,000. The line of credit matures on September 13, 2026. The line of credit includes customary covenants, as well as financial maintenance covenants. The balance of the line of credit was $9,000 on September 30, 2024. There was no balance on the line of credit on December 31, 2023. Our interest rate was 7.71% and 8.06% on September 30, 2024 and December 31, 2023, respectively, which is based on the 30-day Secured Overnight Financing Rate plus 2.75% and 2.73%, respectively.

Western Sizzlin Revolver
Western Sizzlin’s available line of credit is $500. As of September 30, 2024 and December 31, 2023, Western Sizzlin had no debt outstanding under its revolver.

Note 10. Unpaid Losses and Loss Adjustment Expenses
Our liabilities for unpaid losses and loss adjustment expenses (also referred to as “claim liabilities”) under insurance contracts are based upon estimates of the ultimate claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported (“IBNR”) claims. A reconciliation of the changes in claim liabilities, net of reinsurance, for each of the nine month periods ended September 30, 2024 and 2023 follows.
September 30,
2024		September 30,
2023
Balances at beginning of year:
Gross liabilities$16,105 $17,520 
Reinsurance recoverable on unpaid losses(937)(715)
Net liabilities15,168 16,805 
Incurred losses and loss adjustment expenses:
Current accident year36,246 29,171 
Prior accident years(4,189)(3,421)
Total32,057 25,750 
Paid losses and loss adjustment expenses:
Current accident year27,226 22,443 
Prior accident years4,718 6,026 
Total31,944 28,469 
Balances at September 30:
Net liabilities15,281 14,086 
Reinsurance recoverable on unpaid losses576 1,047 
Gross liabilities$15,857 $15,133 
We recorded net reductions of estimated ultimate liabilities for prior accident years of $4,189 and $3,421 in the first nine months of 2024 and 2023, respectively, which produced corresponding reductions in incurred losses and loss adjustment expenses in those periods. These reductions as a percentage of the net liabilities at the beginning of each year were 27.6% in 2024 and 20.4% in 2023.

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Note 11. Lease Assets and Obligations
Lease obligations include the following.
Current portion of lease obligationsSeptember 30,
2024		December 31,
2023
Finance lease liabilities$1,282 $1,258 
Finance obligations4,603 4,826 
Operating lease liabilities8,474 8,771 
Total current portion of lease obligations$14,359 $14,855 
Long-term lease obligations
Finance lease liabilities$3,020 $3,581 
Finance obligations61,417 56,471 
Operating lease liabilities27,552 26,337 
Total long-term lease obligations$91,989 $86,389 
Nature of Leases
Steak n Shake and Western Sizzlin operate restaurants that are located on sites owned by us or leased from third parties. In addition, they own sites and lease sites from third parties that are leased and/or subleased to franchisees.
Lease Costs
A significant portion of our operating and finance lease portfolio includes restaurant locations. We recognize fixed lease expense for operating leases on a straight-line basis over the lease term. For finance leases, we recognize amortization expense on the right-of-use asset and interest expense on the lease liability over the lease term.
Total lease cost consists of the following.
Third QuarterFirst Nine Months
2024202320242023
Finance lease costs:
Amortization of right-of-use assets$249 $239 $696 $723 
Interest on lease liabilities78 80 245 257 
Operating and variable lease costs2,880 3,012 8,657 9,260 
Sublease income(3,002)(2,988)(8,977)(9,133)
Total lease costs$205 $343 $621 $1,107 
Supplemental cash flow information related to leases is as follows.
 First Nine Months
 20242023
Cash paid for amounts included in the measurement of lease liabilities:  
Financing cash flows from finance leases$921 $934 
Operating cash flows from finance leases$245 $257 
Operating cash flows from operating leases$8,147 $9,670 






13
Note 11. Lease Assets and Obligations (continued)
Supplemental balance sheet information related to leases is as follows.
September 30,
2024		December 31,
2023
Finance leases:
Property and equipment, net$3,202 $3,574 
Weighted-average lease terms and discount rates are as follows.
September 30,
2024
Weighted-average remaining lease terms:
Finance leases4.47 years
Operating leases6.06 years
Weighted-average discount rates:
Finance leases7.0 %
Operating leases7.0 %
Maturities of lease liabilities as of September 30, 2024 are as follows.
YearOperating
Leases		Finance
Leases
Remainder of 2024$2,878 $378 
202510,220 1,486 
20267,865 1,163 
20275,580 828 
20284,761 437 
After 202812,637 729 
Total lease payments43,941 5,021 
Less interest7,915 719 
Total lease liabilities$36,026 $4,302 
Lease Income
The components of lease income recorded in restaurant operations are as follows.
Third QuarterFirst Nine Months
2024202320242023
Operating lease income$4,284 $4,085 $12,701 $12,214 
Variable lease income1,761 1,840 5,384 5,545 
Total lease income$6,045 $5,925 $18,085 $17,759 








14
Note 11. Lease Assets and Obligations (continued)
The following table displays the Company’s future minimum rental receipts for non-cancelable leases and subleases as of September 30, 2024. Franchise partner leases and subleases are short-term leases and have been excluded from the table.

Operating Leases
YearSubleasesOwned Properties
Remainder of 2024$165 $99 
2025622 404 
2026225 407 
2027206 415 
202886 424 
After 2028— 2,435 
Total future minimum receipts$1,304 $4,184 
Note 12. Income Taxes
In determining the quarterly provision for income taxes, the Company used an estimated annual effective tax rate for the first nine months of 2024 and 2023. Our periodic effective income tax rate is affected by the relative mix of pre-tax earnings or losses and underlying income tax rates applicable to the various taxing jurisdictions.
Income tax expense for the third quarter of 2024 was $11,201 compared to an income tax benefit of $17,502 for the third quarter of 2023.  Income tax expense for the first nine months of 2024 was $3,292 compared to an income tax expense of $3,254 for the first nine months of 2023. The variance in income taxes between 2024 and 2023 is attributable to taxes on income generated by the investment partnerships.   
Note 13. Commitments and Contingencies

We are involved in various legal proceedings and have certain unresolved claims pending. We believe, based on examination of these matters and experiences to date, that the ultimate liability, if any, in excess of amounts already provided in our consolidated financial statements is not likely to have a material effect on our results of operations, financial position or cash flow.
Note 14. Fair Value of Financial Assets
The fair values of substantially all of our financial instruments were measured using market or income approaches. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, the fair values presented are not necessarily indicative of the amounts that could be realized in an actual current market exchange. The use of alternative market assumptions and/or estimation methodologies may have a material effect on the estimated fair value.
The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below.
•Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets. 
•Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector.
15
Note 14. Fair Value of Financial Assets (continued)
•Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and we may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities.
The following methods and assumptions were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheets:
Cash equivalents: Cash equivalents primarily consist of money market funds which are classified as Level 1 of the fair value hierarchy.
Equity securities: The Company’s investments in equity securities are classified as Level 1 of the fair value hierarchy. 
Bonds: The Company’s investments in bonds consist of both corporate and government debt. Bonds are classified as Level l of the fair value hierarchy.
As of September 30, 2024 and December 31, 2023, the fair values of financial assets were as follows.
September 30, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents$9,741 $— $— $9,741 $2,374 $— $— $2,374 
Equity securities
Consumer goods43,826 — — 43,826 26,660 — — 26,660 
Other4,962 — — 4,962 3,171 — — 3,171 
Bonds
Government53,995 — — 53,995 61,536 — — 61,536 
Corporate795 — — 795 3,199 — — 3,199 
Total assets at fair value$113,319 $— $— $113,319 $96,940 $— $— $96,940 
There were no changes in our valuation techniques used to measure fair values on a recurring basis.
Note 15. Related Party Transactions
Service Agreement
The Company is party to a service agreement with Biglari Enterprises LLC (“Biglari Enterprises”) under which Biglari Enterprises provides business and administrative related services to the Company. Biglari Enterprises is owned by Mr. Biglari.

The Company paid Biglari Enterprises $7,200 in service fees during the first nine months of 2024 and $6,300 during the first nine months of 2023. The service agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital Corp.  
Incentive Agreement
The Incentive Agreement establishes a performance-based annual incentive payment for Mr. Biglari contingent upon the growth in adjusted equity in each year attributable to our operating businesses. In order for Mr. Biglari to receive any incentive, our operating businesses must achieve an annual increase in shareholders’ equity in excess of 6% (the “hurdle rate”) above the previous highest level (the “high-water mark”). Mr. Biglari will receive 25% of any incremental book value created above the high-water mark plus the hurdle rate. The Company accrued $2,050 in incentive fees in the first nine months of 2024 and $3,700 in the first nine months of 2023.
16
Note 16. Business Segment Reporting
Our reportable business segments are organized in a manner that reflects how management views those business activities. Our restaurant operations include Steak n Shake and Western Sizzlin. Our insurance operations include First Guard and Southern Pioneer.  Our oil and gas operations include Southern Oil and Abraxas Petroleum. The Company also reports segment information for Maxim. Other business activities not specifically identified with reportable business segments are presented in corporate. We report our earnings from investment partnerships separate from our corporate expenses. We assess and measure segment operating results based on segment earnings as disclosed below. Segment earnings from operations are neither necessarily indicative of cash available to fund cash requirements, nor synonymous with cash flow from operations. The tabular information that follows shows data of our reportable segments reconciled to amounts reflected in the consolidated financial statements.
A disaggregation of our consolidated data for the third quarters and first nine months of 2024 and 2023 is presented in the tables which follow.
Revenues
Third QuarterFirst Nine Months
2024202320242023
Operating Businesses:
Restaurant Operations:
Steak n Shake$59,821 $59,180 $180,886 $179,244 
Western Sizzlin2,563 2,706 7,969 8,262 
Total Restaurant Operations62,384 61,886 188,855 187,506 
Insurance Operations:
Underwriting
First Guard9,394 9,351 28,198 27,465 
Southern Pioneer7,281 5,809 20,690 18,430 
Investment income and other1,572 1,464 4,786 4,505 
Total Insurance Operations18,247 16,624 53,674 50,400 
Oil and Gas Operations:
Abraxas Petroleum6,019 8,310 16,879 21,493 
Southern Oil3,555 3,849 10,876 13,630 
Total Oil and Gas Operations9,574 12,159 27,755 35,123 
Maxim202 268 715 1,624 
$90,407 $90,937 $270,999 $274,653 


17
Note 16. Business Segment Reporting (continued)
 Earnings (Losses) Before Income Taxes
 Third QuarterFirst Nine Months
 2024202320242023
Operating Businesses:
Restaurant Operations:
Steak n Shake$6,248 $3,358 $15,994 $19,317 
Western Sizzlin265 397 1,162 1,462 
Total Restaurant Operations6,513 3,755 17,156 20,779 
Insurance Operations:
Underwriting:
First Guard1,366 2,362 3,497 7,378 
Southern Pioneer912 (166)186 (728)
Investment income and other845 1,155 3,536 3,456 
Total Insurance Operations3,123 3,351 7,219 10,106 
Oil and Gas Operations:
Abraxas Petroleum696 17,990 19,497 21,044 
Southern Oil16 963 32 2,902 
Total Oil and Gas Operations712 18,953 19,529 23,946 
Maxim(267)(239)(876)91 
Interest expense not allocated to segments(275)(262)(317)(469)
Total Operating Businesses9,806 25,558 42,711 54,453 
Goodwill impairment— — (1,000)— 
Corporate and other(6,534)(5,260)(13,038)(15,069)
Investment gains (losses)4,740 (4,715)3,724 (724)
Investment partnership gains (losses)35,314 (89,599)(22,591)(24,507)
 $43,326 $(74,016)$9,806 $14,153 
18

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations 
(dollars in thousands except per share data)
Overview
Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, licensing and media, restaurants, and oil and gas. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company.

Biglari Holdings’ management system combines decentralized operations with centralized financial decision-making. Operating decisions for the various business units are made by their respective managers. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.
As of September 30, 2024, Mr. Biglari beneficially owns shares of the Company that represent approximately 71.5% of the voting interest.
Net earnings (loss) attributable to Biglari Holdings Inc. shareholders are disaggregated in the table that follows. Amounts are recorded after deducting income taxes. 
 Third QuarterFirst Nine Months
 2024202320242023
Operating businesses:  
Restaurant$4,870 $3,395 $12,587 $16,170 
Insurance2,455 2,674 5,647 7,975 
Oil and gas599 14,631 15,117 18,451 
Brand licensing(194)(179)(652)68 
Interest expense(210)(202)(242)(362)
Total operating businesses7,520 20,319 32,457 42,302 
Goodwill impairment— — (1,000)— 
Corporate and other(5,548)(4,746)(10,669)(12,987)
Investment partnership gains (losses)26,447 (68,377)(17,153)(17,847)
Investment gains (losses)3,706 (3,710)2,879 (569)
Net earnings (loss)32,125 (56,514)6,514 10,899 
Earnings attributable to noncontrolling interest— — — 591 
Net earnings (loss) attributable to Biglari Holdings Inc. shareholders$32,125 $(56,514)$6,514 $10,308 
19

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Restaurants
Our restaurant businesses, which include Steak n Shake and Western Sizzlin, comprise 468 company-operated and franchise restaurants as of September 30, 2024.
Steak n ShakeWestern Sizzlin
 Company-
operated		Franchise
Partner		Traditional
Franchise		Company-
operated		FranchiseTotal
Total stores as of December 31, 2023
148 181 128 3 32 492 
Corporate stores transitioned4 (4)— — — — 
Net restaurants opened (closed)(9)— (12)— (3)(24)
Total stores as of September 30, 2024
143 177 116 3 29 468 
Total stores as of December 31, 2022
177 175 154 3 36 545 
Corporate stores transitioned(6)7 (1)— — — 
Net restaurants opened (closed)(12)(1)(19)— (3)(35)
Total stores as of September 30, 2023
159 181 134 3 33 510 
As of September 30, 2024, 11 of the 143 company-operated Steak n Shake stores were closed. Steak n Shake plans to sell or lease 6 of the 11 locations and refranchise the balance.


20

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Restaurant operations are summarized below.
Third QuarterFirst Nine Months
2024202320242023
Revenue
Net sales$39,660 $39,195 $119,210 $115,613 
Franchise partner fees17,157 17,622 53,064 54,604 
Franchise royalties and fees3,442 4,073 10,534 12,456 
Other revenue2,125 996 6,047 4,833 
Total revenue62,384 61,886 188,855 187,506 
Restaurant cost of sales
Cost of food12,218 30.8 %11,888 30.3 %35,549 29.8 %34,038 29.4 %
Labor costs13,158 33.2 %12,192 31.1 %38,694 32.5 %36,077 31.2 %
Occupancy and other10,836 27.3 %12,709 32.4 %33,276 27.9 %34,340 29.7 %
Total cost of sales36,212 36,789 107,519 104,455 
Selling, general and administrative
General and administrative10,355 16.6 %10,720 17.3 %35,101 18.6 %31,973 17.1 %
Marketing3,182 5.1 %2,629 4.2 %8,984 4.8 %8,876 4.7 %
Other expenses (income) (1,978)(3.2)%(825)(1.3)%(4,420)(2.3)%(5,126)(2.7)%
Total selling, general and administrative11,559 18.5 %12,524 20.2 %39,665 21.0 %35,723 19.1 %
Impairments— — %752 1.2 %107 0.1 %2,381 1.3 %
Depreciation and amortization6,747 10.8 %6,804 11.0 %20,392 10.8 %20,298 10.8 %
Interest on finance leases and obligations1,353 1,262 4,016 3,870 
Earnings before income taxes6,513 3,755 17,156 20,779 
Income tax expense1,643 360 4,569 4,609 
Contribution to net earnings$4,870 $3,395 $12,587 $16,170 
Cost of food, labor costs, and occupancy and other costs are expressed as a percentage of net sales. 
General and administrative, marketing, other expenses, impairments, and depreciation are expressed as a percentage of total revenue.

Net sales for the third quarter and first nine months of 2024 were $39,660 and $119,210, respectively, representing an increase of $465 or 1.2% and $3,597 or 3.1%, compared to the third quarter and first nine months of 2023, respectively. The increase in net sales was primarily due to an increase in Steak n Shake’s same-store sales of 5.4% during the third quarter of 2024.

For company-operated units, sales to the end customer are recorded as revenue generated by the Company, but for franchise partner units, only our share of the restaurant’s profits, along with certain fees, are recorded as revenue. Because we derive most of our revenue from our share of the profits, revenue will decline as we transition from company-operated units to franchise partner units.

21

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Our franchise partner fees were $17,157 during the third quarter of 2024, as compared to $17,622 during the third quarter of 2023. Franchise partner fees were $53,064 and $54,604 during the first nine months of 2024 and 2023, respectively. As of September 30, 2024 and September 30, 2023, there were 177 and 181 franchise partner units, respectively. Included in franchise partner fees were $5,780 and $5,692 of rental income during the third quarter of 2024 and 2023, respectively, and $17,265 and $17,030 during the first nine months of 2024 and 2023, respectively. Franchise partners rent buildings and equipment from Steak n Shake. Our share of franchise partner fees was lower primarily because our franchise partners’ food and labor expenses were higher during the first nine months of 2024 as compared to the first nine months of 2023.
The franchise royalties and fees generated by the traditional franchising business were $3,442 during the third quarter of 2024, as compared to $4,073 during the third quarter of 2023. Franchise royalties and fees during the first nine months of 2024 were $10,534 as compared to $12,456 during the first nine months of 2023. There were 116 Steak n Shake traditional units open on September 30, 2024, as compared to 134 units open on September 30, 2023. The decrease in franchise royalties and fees was primarily due to fewer traditional units open during 2024.
The cost of food at company-operated units during the third quarter of 2024 was $12,218 or 30.8% of net sales, as compared to $11,888 or 30.3% of net sales during the third quarter of 2023. The cost of food at company-operated units during the first nine months of 2024 was $35,549 or 29.8% of net sales, as compared to $34,038 or 29.4% of net sales during the first nine months of 2023. Cost of food expressed as a percentage of net sales remained relatively consistent.

Labor costs at company-operated restaurants during the third quarter of 2024 were $13,158 or 33.2% of net sales, as compared to $12,192 or 31.1% of net sales in the third quarter of 2023. Labor costs at company-operated restaurants during the first nine months of 2024 were $38,694 or 32.5% of net sales, as compared to $36,077 or 31.2% of net sales in 2023. Labor costs expressed as a percentage of net sales increased during 2024 compared to 2023 primarily due to an increase in store level managers in Steak n Shake company-operated restaurants.
General and administrative expenses during the third quarter of 2024 were $10,355 or 16.6% of total revenue, as compared to $10,720 or 17.3% of total revenue in the third quarter of 2023. General and administrative expenses during the first nine months of 2024 were $35,101 or 18.6% of total revenue, as compared to $31,973 or 17.1% of total revenue in the first nine months of 2023. The increase in general and administrative expenses was mainly attributable to higher personnel costs at Steak n Shake.
The Company recorded no impairment charges in the third quarter of 2024 and $752 of impairment charges in the third quarter of 2023. The Company recorded impairment charges of $107 and $2,381 in the first nine months of 2024 and 2023, respectively, related to underperforming stores.
Interest on obligations under leases was $4,016 during 2024 versus $3,870 during 2023.
Other income was $4,420 during 2024 versus $5,126 during 2023. During 2024, Western Sizzlin received a settlement of $450. During 2024, Steak n Shake sold five properties for a gain of $4,383 and sold six properties for a gain of $5,253 during 2023.

22

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
To better convey the performance of the franchise partnership model, the table below shows the underlying sales, cost of food, labor costs, and other restaurant costs of the franchise partners. We believe the franchise partner information is useful to readers, as they have a direct effect on Steak n Shake’s profitability.
Third QuarterFirst Nine Months
2024202320242023
Revenue
Net sales and other$82,553 $81,780 $246,811 $242,741 
Restaurant cost of sales
Cost of food$25,135 30.4 %$23,566 28.8 %$73,145 29.6 %$67,535 27.8 %
Labor costs22,417 27.2 %21,739 26.6 %66,487 26.9 %64,679 26.6 %
Occupancy and other17,557 21.3 %17,082 20.9 %51,498 20.9 %49,239 20.3 %
Total cost of sales$65,109 $62,387 $191,130 $181,453 

The Company’s consolidated financial statements do not include data in the table above. Figures are shown for information purposes only.
Insurance
We view our insurance businesses as possessing two activities: underwriting and investing. Underwriting decisions are the responsibility of the unit managers, whereas investing decisions are the responsibility of our Chairman and CEO, Sardar Biglari. Our business units are operated under separate local management. Biglari Holdings’ insurance operations consist of Biglari Reinsurance, First Guard, and Southern Pioneer.
Underwriting results of our insurance operations are summarized below.
Third QuarterFirst Nine Months
2024202320242023
Underwriting gain attributable to:
First Guard$1,366 $2,362 $3,497 $7,379 
Southern Pioneer912 (166)186 (728)
Pre-tax underwriting gain2,278 2,196 3,683 6,651 
Income tax expense478 461 773 1,397 
Net underwriting gain$1,800 $1,735 $2,910 $5,254 

23

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Earnings of our insurance operations are summarized below.
Third QuarterFirst Nine Months
2024202320242023
Premiums written$16,890 $15,155 $50,265 $47,715 
Premiums earned$16,675 $15,160 $48,888 $45,895 
Insurance losses9,489 8,783 31,329 25,751 
Underwriting expenses4,908 4,181 13,876 13,493 
Pre-tax underwriting gain2,278 2,196 3,683 6,651 
Other income and expenses 
Investment income816 832 2,686 2,169 
Other income (expenses)29 323 850 1,286 
Total other income845 1,155 3,536 3,455 
Earnings before income taxes3,123 3,351 7,219 10,106 
Income tax expense668 677 1,572 2,131 
Contribution to net earnings$2,455 $2,674 $5,647 $7,975 

Insurance premiums and other on the consolidated statement of earnings includes premiums earned, investment income, other income, and commissions.

First Guard

First Guard is a direct underwriter of commercial truck insurance, selling physical damage and nontrucking liability insurance to truckers. First Guard’s insurance products are marketed primarily through direct response methods via the Internet or by telephone. First Guard’s cost-efficient direct response marketing methods enable it to be a low-cost insurer. A summary of First Guard’s underwriting results follows.
Third QuarterFirst Nine Months
2024202320242023
Amount%Amount%Amount%Amount%
Premiums written$9,394 $9,351 $28,198 $27,465 
Premiums earned$9,394 100.0 %$9,351 100.0 %$28,198 100.0 %$27,465 100.0 %
Insurance losses6,003 63.9 %5,268 56.3 %18,939 67.2 %14,766 53.8 %
Underwriting expenses2,025 21.6 %1,721 18.4 %5,762 20.4 %5,320 19.4 %
Total losses and expenses8,028 85.5 %6,989 74.7 %24,701 87.6 %20,086 73.2 %
Pre-tax underwriting gain$1,366 $2,362 $3,497 $7,379 

First Guard produced an underwriting gain in the third quarter and first nine months of 2024. Its underwriting profitability declined in 2024 as compared to 2023 because of a higher ratio of losses and loss adjustment expenses to premiums earned. Our periodic underwriting earnings are subject to considerable volatility from significant weather-related loss events. It is the nature of the insurance business to experience volatility in underwriting performance.


24

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Southern Pioneer

Southern Pioneer underwrites garage liability and commercial property insurance, as well as homeowners and dwelling fire insurance. A summary of Southern Pioneer’s underwriting results follows.

Third QuarterFirst Nine Months
2024202320242023
Amount%Amount%Amount%Amount%
Premiums written$7,496 $5,804 $22,067 $20,250 
Premiums earned$7,281 100.0 %$5,809 100.0 %$20,690 100.0 %$18,430 100.0 %
Insurance losses3,486 47.9 %3,515 60.5 %12,390 59.9 %10,985 59.6 %
Underwriting expenses2,883 39.6 %2,460 42.3 %8,114 39.2 %8,173 44.3 %
Total losses and expenses6,369 87.5 %5,975 102.8 %20,504 99.1 %19,158 103.9 %
Pre-tax underwriting gain (loss)$912 $(166)$186 $(728)
Premiums written increased $1,817 (9.0%) in 2024 compared to 2023. Southern Pioneer’s ratio of losses and loss adjustment expenses to premiums earned was 47.9% during the third quarter of 2024 as compared to 60.5% during the third quarter of 2023 and 59.9% during the first nine months of 2024 as compared to 59.6% during the first nine months of 2023.
A summary of net investment income attributable to our insurance operations follows.

Third QuarterFirst Nine Months
2024202320242023
Interest, dividends and other investment income:
First Guard$435 $475 $1,538 $1,293 
Southern Pioneer363 357 1,130 876 
Biglari Reinsurance18 — 18 — 
Pre-tax investment income816 832 2,686 2,169 
Income tax expense171 174 564 455 
Net investment income$645 $658 $2,122 $1,714 
We consider investment income as a component of our aggregate insurance operating results. However, we consider investment gains and losses, whether realized or unrealized, as non-operating.
25

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Oil and Gas
A summary of revenues and earnings of our oil and gas operations follows.
Third QuarterFirst Nine Months
2024202320242023
Oil and gas revenues$9,574 $12,159 $27,755 $35,123 
Oil and gas production costs4,425 3,771 13,206 12,754 
Depreciation, depletion and accretion3,402 2,404 8,072 8,155 
Gain on sale of properties(54)(13,563)(16,700)(13,563)
General and administrative expenses1,089 594 3,648 3,831 
Earnings before income taxes712 18,953 19,529 23,946 
Income tax expense (benefit)113 4,322 4,412 5,495 
Contribution to net earnings$599 $14,631 $15,117 $18,451 
Our oil and gas business is highly dependent on oil and natural gas prices. The lower natural gas prices and lower production during 2024 caused decreases in revenues. Production decreases were primarily because several gas wells were shut-in along with the natural depletion of oil and gas reserves.
During the first nine months of 2024, Abraxas Petroleum recorded a gain of $16,700 as a result of selling undeveloped reserves to an unaffiliated party whose aim is to conduct development activities; however, Abraxas Petroleum will not be required to fund any exploration expenditures on its undeveloped properties. During the third quarter of 2023, Abraxas Petroleum entered into a similar royalty-based arrangement on its undeveloped properties, which began producing in the third quarter of 2024.
Abraxas Petroleum
Abraxas Petroleum operates oil and gas properties in the Permian Basin of West Texas. Earnings for Abraxas Petroleum are summarized below.
Third QuarterFirst Nine Months
2024202320242023
Oil and gas revenues$6,019 $8,310 $16,879 $21,493 
Oil and gas production costs2,377 2,061 7,462 6,836 
Depreciation, depletion and accretion2,287 1,650 4,615 5,049 
Gain on sale of properties(54)(13,563)(16,700)(13,563)
General and administrative expenses713 172 2,005 2,127 
Earnings before income taxes696 17,990 19,497 21,044 
Income tax expense150 4,137 4,482 4,839 
Contribution to net earnings $546 $13,853 $15,015 $16,205 


26

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Southern Oil
Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico.  Earnings for Southern Oil are summarized below.
Third QuarterFirst Nine Months
2024202320242023
Oil and gas revenues$3,555 $3,849 $10,876 $13,630 
Oil and gas production costs2,048 1,710 5,744 5,918 
Depreciation, depletion and accretion1,115 754 3,457 3,106 
General and administrative expenses376 422 1,643 1,704 
Earnings (loss) before income taxes16 963 32 2,902 
Income tax expense (benefit) (37)185 (70)656 
Contribution to net earnings$53 $778 $102 $2,246 

Brand Licensing
Maxim’s business lies principally in licensing and media. Earnings of operations are summarized below.
Third QuarterFirst Nine Months
2024202320242023
Licensing and media revenue$202 $268 $715 $1,624 
Licensing and media costs432 476 1,458 1,427 
General and administrative expenses37 31 133 106 
Earnings (loss) before income taxes(267)(239)(876)91 
Income tax expense (benefit)(73)(60)(224)23 
Contribution to net earnings (loss)$(194)$(179)$(652)$68 
Licensing revenue was lower during 2024 as compared to 2023 primarily due to fewer licensing events in the first nine months of 2024.
Investment Gains and Investment Partnership Gains
Investment gains net of tax for the third quarter of 2024 were $3,706 as compared to investment losses net of tax for the third quarter of 2023 of $3,710. Investment gains net of tax for the first nine months of 2024 were $2,879 as compared to investment losses net of tax for the first nine months of 2023 of $569. Dividends earned on investments are reported as investment income by our insurance companies. We consider investment income as a component of our aggregate insurance operating results. However, we consider investment gains and losses, whether realized or unrealized, as non-operating.
Earnings (loss) from our investments in partnerships are summarized below.
 Third QuarterFirst Nine Months
 2024202320242023
Investment partnership gains (losses)$35,314 $(89,599)$(22,591)$(24,507)
Tax expense (benefit)8,867 (21,222)(5,438)(6,660)
Contribution to net earnings (loss)$26,447 $(68,377)$(17,153)$(17,847)
Investment partnership gains include gains/losses from changes in market values of underlying investments and dividends earned by the partnerships.  Dividend income has a lower effective tax rate than income from capital gains. These gains and losses have caused and will continue to cause significant volatility in our periodic earnings.  
27

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
The investment partnerships hold the Company’s common stock as investments. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though these shares are legally outstanding. Gains and losses on Company common stock included in the earnings of the partnerships are eliminated in the Company’s consolidated financial results.
Investment gains and losses in 2024 and 2023 were mainly derived from our investments in equity securities and included unrealized gains and losses from market price changes during the period. We believe that investment and derivative gains/losses are generally meaningless for analytical purposes in understanding our quarterly and annual results.
Interest Expense
The Company’s interest expense is summarized below.
 Third QuarterFirst Nine Months
 2024202320242023
Interest expense on notes payable$275 $262 $317 $469 
Tax benefit65 60 75 107 
Interest expense net of tax$210 $202 $242 $362 

Biglari Holdings’ line of credit dated September 13, 2022 was amended on September 13, 2024 and the available line of credit was increased to an aggregate principal amount of up to $35,000. The balance of the line of credit was $9,000 on September 30, 2024. There was no balance on the line of credit on December 31, 2023.
Corporate and Other
Corporate expenses exclude the activities of the restaurant, insurance, brand licensing, and oil and gas businesses. Corporate and other net losses during the third quarter of 2024 increased as compared to the same period in 2023 because of higher legal and professional expenses. Corporate and other net losses during the first nine months of 2024 decreased as compared to the same period in 2023 primarily due to lower incentive fees accrued.
Income Taxes
Income tax expense for the third quarter of 2024 was $11,201 compared to income tax benefit of $17,502 for the third quarter of 2023. Income tax expense for the first nine months of 2024 was $3,292 compared to income tax expense of $3,254 for the first nine months of 2023. The variance in income taxes between 2024 and 2023 is attributable to taxes on income generated by the investment partnerships.
Financial Condition
Consolidated cash and investments are summarized below.
 September 30,
2024		December 31, 2023
Cash and cash equivalents$29,891 $28,066 
Investments102,902 91,879 
Fair value of interest in investment partnerships491,589 472,772 
Total cash and investments624,382 592,717 
Less: portion of Company stock held by investment partnerships(289,998)(273,669)
Carrying value of cash and investments on balance sheet$334,384 $319,048 
Unrealized gains/losses of Biglari Holdings’ stock held by the investment partnerships are eliminated in the Company’s consolidated financial results.

28

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Liquidity
Our balance sheet continues to maintain significant liquidity.  Consolidated cash flow activities are summarized below.
 First Nine Months
 20242023
Net cash provided by operating activities$31,665 $48,676 
Net cash used in investing activities(34,916)(56,226)
Net cash provided by financing activities4,869 4,382 
Effect of exchange rate changes on cash(42)(56)
Increase (decrease) in cash, cash equivalents and restricted cash$1,576 $(3,224)
Cash from operating activities decreased in 2024 as compared to 2023 primarily because of lower net earnings in restaurants and oil and gas of $3,583 and $3,334, respectively.
Cash used in investing activities decreased during 2024 by $21,310 as compared to 2023 primarily due to a decrease in investments.
Cash from financing activities during 2024 was relatively consistent with 2023.
Biglari Holdings Line of Credit
Biglari Holdings’ line of credit dated September 13, 2022 was amended on September 13, 2024 and the available line of credit was increased to $35,000. The line of credit matures on September 13, 2026. The line of credit includes customary covenants, as well as financial maintenance covenants. As of September 30, 2024, we were in compliance with all covenants. The balance of the line of credit was $9,000 on September 30, 2024. There was no balance on the line of credit on December 31, 2023. Our interest rate was 7.71% and 8.06% on September 30, 2024 and December 31, 2023, respectively, which is based on the 30-day Secured Overnight Financing Rate plus 2.75% and 2.73%, respectively.
Western Sizzlin Revolver
Western Sizzlin’s available line of credit is $500. As of September 30, 2024 and December 31, 2023, Western Sizzlin had no debt outstanding under its revolver.
Critical Accounting Policies
Management’s discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. Certain accounting policies require management to make estimates and judgments concerning transactions that will be settled several years in the future. Amounts recognized in our consolidated financial statements from such estimates are necessarily based on numerous assumptions involving varying and potentially significant degrees of judgment and uncertainty. Accordingly, the amounts currently reflected in our consolidated financial statements will likely increase or decrease in the future as additional information becomes available.  There have been no material changes to critical accounting policies previously disclosed in our annual report on Form 10-K for the year ended December 31, 2023.
Recently Issued Accounting Pronouncements
No recently issued accounting pronouncements were applicable for this Quarterly Report on Form 10-Q.

29
Cautionary Note Regarding Forward-Looking Statements
This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In general, forward-looking statements include estimates of future revenues, cash flows, capital expenditures, or other financial items, and assumptions underlying any of the foregoing. Forward-looking statements reflect management’s current expectations regarding future events and use words such as “anticipate,” “believe,” “expect,” “may,” and other similar terminology. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Investors should not place undue reliance on the forward-looking statements, which speak only as of the date of this report. These forward-looking statements are all based on currently available operating, financial, and competitive information and are subject to various risks and uncertainties. Our actual future results and trends may differ materially depending on a variety of factors, many beyond our control, including, but not limited to, the risks and uncertainties described in Item 1A, Risk Factors of our annual report on Form 10-K and Item 1A of this report. We undertake no obligation to publicly update or revise them, except as may be required by law.
30
Item 3.     Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
Item 4.     Controls and Procedures
Based on an evaluation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), our Chief Executive Officer and Controller have concluded that our disclosure controls and procedures were effective as of September 30, 2024.
There have been no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2024 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Information in response to this Item is included in Note 13 to the Consolidated Financial Statements included in Part 1, Item 1 of this Form 10-Q and is incorporated herein by reference.
ITEM 1A. RISK FACTORS
There have been no material changes from the risk factors as previously disclosed in Item 1A to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
31

ITEM 6. EXHIBITS
_________________
*Furnished herewith.

32

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Biglari Holdings Inc.
Date: November 8, 2024By:
/s/ BRUCE LEWIS
Bruce Lewis
Controller

33

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 material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 8, 2024/s/ Sardar Biglari 
 Sardar Biglari 
 Chairman and Chief Executive Officer



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 material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 8, 2024/s/ Bruce Lewis
Bruce Lewis
Controller



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 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Sardar Biglari
Sardar Biglari
Chairman and Chief Executive Officer
Date: November 8, 2024
/s/ Bruce Lewis
Bruce Lewis
Controller
Date: November 8, 2024

v3.24.3
Cover - shares
 9 Months Ended
Sep. 30, 2024
Nov. 05, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-38477  
Entity Registrant Name BIGLARI HOLDINGS INC.  
Entity Incorporation, State or Country Code IN  
Entity Tax Identification Number 82-3784946  
Entity Address, Address Line One 19100 Ridgewood Parkway,  
Entity Address, Address Line Two Suite 1200  
Entity Address, City or Town San Antonio,  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 78259  
City Area Code 210  
Local Phone Number 344-3400  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001726173  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2024  
Common Class A    
Document Information [Line Items]    
Title of 12(b) Security Class A Common Stock, no par value  
Trading Symbol BH.A  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   206,864
Common Class B    
Document Information [Line Items]    
Title of 12(b) Security Class B Common Stock, no par value  
Trading Symbol BH  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   2,068,640
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 29,891 $ 28,066
Investments 102,902 91,879
Receivables 21,384 22,241
Inventories 3,859 2,980
Other current assets 7,183 7,385
Total current assets 165,219 152,551
Property and equipment 380,622 380,491
Operating lease assets 33,637 32,215
Goodwill and other intangible assets 75,845 76,760
Investment partnerships 201,591 199,103
Other assets 8,202 8,302
Total assets 865,116 849,422
Current liabilities:    
Accounts payable and accrued expenses 66,694 66,743
Loss and loss adjustment expenses 15,281 15,168
Unearned premiums 15,711 14,334
Current portion of lease obligations 14,359 14,855
Total current liabilities 112,045 111,100
Lease obligations 91,989 86,389
Line of credit 9,000 0
Deferred taxes 35,194 37,939
Asset retirement obligations 14,777 14,316
Other liabilities 348 348
Total liabilities 263,353 250,092
Shareholders’ equity    
Common stock 1,138 1,138
Additional paid-in capital 385,594 385,594
Retained earnings 637,972 631,458
Accumulated other comprehensive loss (2,179) (2,518)
Treasury stock, at cost (420,762) (416,342)
Biglari Holdings Inc. shareholders’ equity 601,763 599,330
Total liabilities and shareholders’ equity $ 865,116 $ 849,422
v3.24.3
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Total revenues $ 90,407 $ 90,937 $ 270,999 $ 274,653
Costs and expenses        
Restaurant cost of sales 36,212 36,789 107,519 104,455
Insurance losses and underwriting expenses 14,397 12,964 45,205 39,244
Oil and gas production costs 4,425 3,771 13,206 12,754
Licensing and media costs 432 476 1,458 1,427
Selling, general and administrative 19,510 18,315 56,438 54,587
Gain on sale of oil and gas properties (54) (13,563) (16,700) (13,563)
Impairments 0 752 1,107 2,381
Depreciation, depletion, and amortization 10,585 9,611 29,760 29,645
Interest expense on leases 1,353 1,262 4,016 3,870
Interest expense on borrowings 275 262 317 469
Total costs and expenses 87,135 70,639 242,326 235,269
Other income        
Investment gains (losses) 4,740 (4,715) 3,724 (724)
Investment partnership gains (losses) 35,314 (89,599) (22,591) (24,507)
Total other income (expenses) 40,054 (94,314) (18,867) (25,231)
Earnings (loss) before income taxes 43,326 (74,016) 9,806 14,153
Income tax expense (benefit) 11,201 (17,502) 3,292 3,254
Net earnings (loss) 32,125 (56,514) 6,514 10,899
Earnings attributable to noncontrolling interest 0 0 0 591
Net earnings (loss) attributable to Biglari Holdings Inc. shareholders 32,125 (56,514) 6,514 10,308
Restaurant operations        
Revenues        
Total revenues 62,384 61,886 188,855 187,506
Insurance premiums and other        
Revenues        
Total revenues 18,247 16,624 53,674 50,400
Oil and gas        
Revenues        
Total revenues 9,574 12,159 27,755 35,123
Licensing and media        
Revenues        
Total revenues $ 202 $ 268 $ 715 $ 1,624
Common Class A        
Other income        
Net earnings (loss) per average equivalent Class A share, basic (in dollars per share) [1] $ 114.77 $ (195.55) $ 23.15 $ 35.44
Net earnings (loss) per average equivalent Class A share, diluted (in dollars per share) [1] $ 114.77 $ (195.55) $ 23.15 $ 35.44
[1]
*Net earnings (loss) per average equivalent Class B share outstanding are one-fifth of the average equivalent Class A share or $22.95 and $4.63 for the third quarter and first nine months of 2024, respectively, and $(39.11) and $7.09 for the third quarter and first nine months of 2023, respectively.
v3.24.3
CONSOLIDATED STATEMENTS OF EARNINGS (Parenthetical) - Common Class B
 3 Months Ended 9 Months Ended
Sep. 30, 2024
$ / shares
Sep. 30, 2023
$ / shares
Sep. 30, 2024
$ / shares
Sep. 30, 2023
$ / shares
Net earnings (loss) per equivalent share ratio 0.2 0.2 0.2 0.2
Net earnings (loss) per average equivalent Class B share, basic (in dollars per share) $ 22.95 $ (39.11) $ 4.63 $ 7.09
Net earnings (loss) per average equivalent Class B share, diluted (in dollars per share) $ 22.95 $ (39.11) $ 4.63 $ 7.09
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net earnings (loss) $ 32,125 $ (56,514) $ 6,514 $ 10,899
Foreign currency translation 488 (286) 339 (276)
Comprehensive income (loss) 32,613 (56,800) 6,853 10,623
Comprehensive income attributable to noncontrolling interests 0 0 0 591
Total comprehensive income (loss) attributable to Biglari Holdings Inc. shareholders $ 32,613 $ (56,800) $ 6,853 $ 10,032
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating activities        
Net earnings $ 32,125 $ (56,514) $ 6,514 $ 10,899
Adjustments to reconcile net earnings to operating cash flows:        
Depreciation, depletion, and amortization 10,585 9,611 29,760 29,645
Provision for deferred income taxes     (2,756) (5,931)
Asset impairments 0 752 1,107 2,381
Gains on sale of assets     (21,718) (18,391)
Investment and investment partnership gains and losses     18,867 25,231
Distributions from investment partnerships     1,000 0
Changes in receivables, inventories and other assets     (2,503) 5,441
Changes in accounts payable and accrued expenses     1,394 (599)
Net cash provided by operating activities     31,665 48,676
Investing activities        
Capital expenditures     (23,497) (16,910)
Proceeds from property and equipment disposals     25,412 20,403
Purchases of noncontrolling interests     0 (5,387)
Purchases of interests in limited partnerships     (30,499) (41,530)
Purchases of investments     (56,183) (78,520)
Sales of investments and redemptions of fixed maturity securities     49,851 65,718
Net cash used in investing activities     (34,916) (56,226)
Financing activities        
Proceeds from line of credit     16,050 31,600
Payments on line of credit     (7,050) (22,600)
Principal payments on direct financing lease obligations     (4,131) (4,618)
Net cash provided by financing activities     4,869 4,382
Effect of exchange rate changes on cash     (42) (56)
Increase (decrease) in cash, cash equivalents and restricted cash     1,576 (3,224)
Cash, cash equivalents and restricted cash at beginning of year     29,654 38,805
Cash, cash equivalents and restricted cash at end of third quarter 31,230 35,581 31,230 35,581
Cash and cash equivalents 29,891 33,993 29,891 33,993
Restricted cash in other long-term assets 1,339 1,588 1,339 1,588
Cash, cash equivalents and restricted cash at end of third quarter $ 31,230 $ 35,581 $ 31,230 $ 35,581
v3.24.3
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Non-controlling Interests
Beginning balance at Dec. 31, 2022 $ 555,568 $ 1,138 $ 381,788 $ 576,510 $ (2,790) $ (409,680) $ 8,602
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net earnings (loss) 65,537     64,886     651
Other comprehensive (loss) income 332       332    
Adjustment for holdings in investment partnerships (239)         (239)  
Ending balance at Mar. 31, 2023 621,198 1,138 381,788 641,396 (2,458) (409,919) 9,253
Beginning balance at Dec. 31, 2022 555,568 1,138 381,788 576,510 (2,790) (409,680) 8,602
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net earnings (loss) 10,899            
Ending balance at Sep. 30, 2023 557,404 1,138 385,594 586,818 (3,066) (413,080) 0
Beginning balance at Mar. 31, 2023 621,198 1,138 381,788 641,396 (2,458) (409,919) 9,253
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net earnings (loss) 1,876     1,936     (60)
Other comprehensive (loss) income (322)       (322)    
Adjustment for holdings in investment partnerships (1,011)         (1,011)  
Purchases of noncontrolling interests (5,387)   3,806       (9,193)
Ending balance at Jun. 30, 2023 616,354 1,138 385,594 643,332 (2,780) (410,930) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net earnings (loss) (56,514)     (56,514)      
Other comprehensive (loss) income (286)       (286)    
Adjustment for holdings in investment partnerships (2,150)         (2,150)  
Ending balance at Sep. 30, 2023 557,404 1,138 385,594 586,818 (3,066) (413,080) 0
Beginning balance at Dec. 31, 2023 599,330 1,138 385,594 631,458 (2,518) (416,342) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net earnings (loss) 22,579     22,579      
Other comprehensive (loss) income (31)       (31)    
Adjustment for holdings in investment partnerships (3,306)         (3,306)  
Ending balance at Mar. 31, 2024 618,572 1,138 385,594 654,037 (2,549) (419,648) 0
Beginning balance at Dec. 31, 2023 599,330 1,138 385,594 631,458 (2,518) (416,342) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net earnings (loss) 6,514            
Ending balance at Sep. 30, 2024 601,763 1,138 385,594 637,972 (2,179) (420,762) 0
Beginning balance at Mar. 31, 2024 618,572 1,138 385,594 654,037 (2,549) (419,648) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net earnings (loss) (48,190)     (48,190)      
Other comprehensive (loss) income (118)       (118)    
Adjustment for holdings in investment partnerships (1,085)         (1,085)  
Ending balance at Jun. 30, 2024 569,179 1,138 385,594 605,847 (2,667) (420,733) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net earnings (loss) 32,125     32,125      
Other comprehensive (loss) income 488       488    
Adjustment for holdings in investment partnerships (29)         (29)  
Ending balance at Sep. 30, 2024 $ 601,763 $ 1,138 $ 385,594 $ 637,972 $ (2,179) $ (420,762) $ 0
v3.24.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Description of Business
The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023.
Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, licensing and media, restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company.

Biglari Holdings’ management system combines decentralized operations with centralized financial decision-making. Operating decisions for the various business units are made by their respective managers. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.
As of September 30, 2024, Mr. Biglari beneficially owns shares of the Company that represent approximately 71.5% of the voting interest.

Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including Steak n Shake Inc., Western Sizzlin Corporation, First Guard Insurance Company, Maxim Inc., Southern Pioneer Property & Casualty Insurance Company, Biglari Reinsurance Ltd., Southern Oil Company and Abraxas Petroleum Corporation. Intercompany accounts and transactions have been eliminated in consolidation.
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Earnings per share of common stock is based on the weighted average number of shares outstanding during the year. The shares of Company stock attributable to our limited partner interest in The Lion Fund, L.P., and The Lion Fund II, L.P., (collectively, the “investment partnerships”) — based on our proportional ownership during this period — are considered treasury stock on the consolidated balance sheet and thereby deemed not to be included in the calculation of weighted average common shares outstanding. However, these shares are legally outstanding.
The following table presents shares authorized, issued and outstanding on September 30, 2024 and December 31, 2023.
 September 30, 2024December 31, 2023
 Class AClass BClass AClass B
Common stock authorized500,000 10,000,000 500,000 10,000,000 
Common stock issued and outstanding206,864 2,068,640 206,864 2,068,640 

The Company has applied the “two-class method” of computing earnings per share as prescribed in Accounting Standards Codification (“ASC”) 260, “Earnings Per Share”. (Class B shares are economically equivalent to one-fifth of a Class A share.) The equivalent Class A common stock applied for computing earnings per share excludes the proportional shares of Biglari Holdings’ stock held by the investment partnerships. In the tabulation below is the weighted average equivalent Class A common stock for earnings per share.
Third QuarterFirst Nine Months
2024202320242023
Equivalent Class A common stock outstanding620,592 620,592 620,592 620,592 
Proportional ownership of Company stock held by investment partnerships340,683 331,585 339,245 329,732 
Equivalent Class A common stock for earnings per share279,909 289,007 281,347 290,860 
v3.24.3
Investments
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
We classify investments in fixed maturity securities at the acquisition date as available-for-sale. Realized gains and losses on disposals of investments are determined on a specific identification basis. Dividends and interest earned on investments are reported as investment income by our insurance companies. We consider investment income as a component of our aggregate insurance operating results. However, we consider investment gains and losses, whether realized or unrealized, as non-operating.

Investment gains for the third quarter and first nine months of 2024 were $4,740 and $3,724, respectively. Investment losses in the third quarter and first nine months of 2023 were $4,715 and $724, respectively.
v3.24.3
Investment Partnerships
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investment Partnerships Investment Partnerships   
The Company reports on the limited partnership interests in investment partnerships under the equity method of accounting. We record our proportional share of equity in the investment partnerships but exclude Company common stock held by said partnerships. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though these shares are legally outstanding. The Company records gains/losses from investment partnerships (inclusive of the investment partnerships’ unrealized gains and losses on their securities) in the consolidated statements of earnings based on our carrying value of these partnerships. The fair value is calculated net of the general partner’s accrued incentive fees. Gains and losses on Company common stock included in the earnings of these partnerships are eliminated because they are recorded as treasury stock. 
Biglari Capital Corp. is the general partner of the investment partnerships. Biglari Capital Corp. is solely owned by Mr. Biglari.
The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest are presented below.
 Fair ValueCompany
Common Stock		Carrying Value
Partnership interest at December 31, 2023$472,772 $273,669 $199,103 
Investment partnership gains (losses)(10,682)11,909 (22,591)
Contributions (net of distributions)29,499 29,499 
Changes in proportionate share of Company stock held4,420 (4,420)
Partnership interest at September 30, 2024$491,589 $289,998 $201,591 
 Fair ValueCompany
Common Stock		Carrying Value
Partnership interest at December 31, 2022$383,004 $227,210 $155,794 
Investment partnership gains (losses)21,141 45,648 (24,507)
Contributions (net of distributions)41,530 41,530 
Changes in proportionate share of Company stock held3,400 (3,400)
Partnership interest at September 30, 2023$445,675 $276,258 $169,417 
The carrying value of the investment partnerships net of deferred taxes is presented below.
 September 30,
2024		December 31, 2023
Carrying value of investment partnerships$201,591 $199,103 
Deferred tax liability related to investment partnerships(22,880)(27,896)
Carrying value of investment partnerships net of deferred taxes$178,711 $171,207 
We expect that a majority of the $22,880 deferred tax liability enumerated above will not become due until the dissolution of the investment partnerships.
The Company’s proportionate share of Company stock held by investment partnerships at cost was $420,762 and $416,342 at September 30, 2024 and December 31, 2023, respectively. 
The carrying value of the partnership interest approximates fair value adjusted by the value of held Company stock.  Fair value of our partnership interest is assessed according to our proportional ownership interest of the fair value of investments held by the investment partnerships. Unrealized gains and losses on marketable securities held by the investment partnerships affect our net earnings. 
Gains/losses from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.
 Third QuarterFirst Nine Months
 2024202320242023
Gains (losses) from investment partnerships$35,314 $(89,599)$(22,591)$(24,507)
Tax expense (benefit)8,867 (21,222)(5,438)(6,660)
Contribution to net earnings (loss)$26,447 $(68,377)$(17,153)$(17,847)
On December 31 of each year, the general partner of the investment partnerships, Biglari Capital Corp., will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above an annual hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The total incentive reallocation from Biglari Holdings to Biglari Capital Corp. includes gains on the Company’s common stock. Gains and losses on the Company’s common stock and the related incentive reallocations are eliminated in our financial statements.
There were no incentive reallocations accrued during the first nine months of 2024 and 2023.
Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.
 Equity in Investment Partnerships
 Lion FundLion Fund II
Total assets as of September 30, 2024$372,605 $382,895 
Total liabilities as of September 30, 2024$22,447 $183,055 
Revenue for the first nine months of 2024$(1,940)$(630)
Earnings (loss) for the first nine months of 2024$(3,233)$(9,261)
Biglari Holdings’ ownership interest as of September 30, 202490.2 %87.8 %
Total assets as of December 31, 2023$371,365 $373,302 
Total liabilities as of December 31, 2023$26,594 $185,024 
Revenue for the first nine months of 2023$44,886 $(12,172)
Earnings (loss) for the first nine months of 2023$44,208 $(19,603)
Biglari Holdings’ ownership interest as of September 30, 202389.4 %87.8 %
Revenue in the financial information of the investment partnerships, summarized above, includes investment income and unrealized gains and losses on investments.
v3.24.3
Property and Equipment
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment is composed of the following.
 September 30,
2024		December 31,
2023
Land$136,953 $139,897 
Buildings158,890 151,716 
Land and leasehold improvements152,016 149,795 
Equipment213,279 212,424 
Oil and gas properties156,364 145,065 
Construction in progress346 1,629 
 817,848 800,526 
Less accumulated depreciation, depletion, and amortization(437,226)(420,035)
Property and equipment, net$380,622 $380,491 
Depletion expense related to oil and gas properties was $7,412 and $7,550 during the first nine months of 2024 and 2023, respectively.
The Company recorded no impairment to restaurant long-lived assets in the third quarter of 2024 and $752 in the third quarter of 2023. The Company recorded an impairment to restaurant long-lived assets related to underperforming stores of $107 and $2,361 in the first nine months of 2024 and 2023, respectively.

Property and equipment held for sale of $773 are recorded in other assets as of December 31, 2023. There was no property and equipment held for sale as of September 30, 2024.

During the first nine months of 2024, the Company sold former company-operated restaurants for a gain of $5,335. During the first nine months of 2023, the Company sold former company-operated restaurants for a gain of $5,253 and Abraxas Petroleum sold its office building with no gain or loss recorded.
v3.24.3
Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill
Goodwill consists of the excess of the purchase price over the fair value of the net assets acquired in connection with business acquisitions.
A reconciliation of the change in the carrying value of goodwill is as follows.
 Goodwill
Goodwill at December 31, 2023
Goodwill $53,830 
Impairments prior to 2024(300)
53,530 
Impairment during the first nine months of 2024(1,000)
Change in foreign exchange rates during the first nine months of 20247 
Goodwill at September 30, 2024
$52,537 

Goodwill and indefinite-lived intangible asset impairment reviews include determining the estimated fair values of our reporting units and indefinite-lived intangible assets. The key assumptions and inputs used in such determinations may include forecasting revenues and expenses, cash flows and capital expenditures, as well as an appropriate discount rate and other inputs. Significant judgment by management is required in estimating the fair value of a reporting unit and in performing impairment reviews. Due to the inherent subjectivity and uncertainty in forecasting future cash flows and earnings over long periods of time, actual results may differ materially from the forecasts. If the carrying value of the indefinite-lived intangible asset exceeds fair value, the excess is charged to earnings as an impairment loss. If the carrying value of a reporting unit exceeds the estimated fair value of the reporting unit, then the excess, limited to the carrying amount of goodwill, will be charged to earnings as an impairment loss. There was no impairment recorded by Steak n Shake for goodwill during the first nine months of 2024 or 2023. During the second quarter of 2024, we performed our annual assessment of our recoverability of goodwill related to Western Sizzlin and an impairment to goodwill of $1,000 was recorded. Western Sizzlin did not record an impairment for goodwill during the first nine months of 2023. There was no impairment recorded for intangible assets during the first nine months of 2024 and a $20 impairment was recorded in the first nine months of 2023.
Other Intangible Assets
Intangible assets with indefinite lives are composed of the following.
 Trade NamesLease RightsTotal
Balance at December 31, 2023
Intangibles$15,876 $11,102 $26,978 
Impairments prior to 2024— (3,748)(3,748)
15,876 7,354 23,230 
Change in foreign exchange rates during the first nine months of 2024— 78 78 
Balance at September 30, 2024
$15,876 $7,432 $23,308 
v3.24.3
Restaurant Operations Revenues
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Restaurant Operations Revenues Restaurant Operations Revenues
Restaurant operations revenues were as follows.
 Third QuarterFirst Nine Months
 2024202320242023
Net sales$39,660 $39,195 $119,210 $115,613 
Franchise partner fees17,157 17,622 53,064 54,604 
Franchise royalties and fees3,442 4,073 10,534 12,456 
Other2,125 996 6,047 4,833 
 $62,384 $61,886 $188,855 $187,506 
Net Sales
Net sales are composed of retail sales of food through company-operated stores. Company-operated store revenues are recognized, net of discounts and sales taxes, when our obligation to perform is satisfied at the point of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of earnings as revenue.
Franchise Partner Fees
Franchise partner fees are composed of up to 15% of sales as well as 50% of profits. We are therefore fully affected by the operating results of the business, unlike in a traditional franchising arrangement, where the franchisor obtains a royalty fee based on sales only. We generate most of our revenue from our share of the franchise partners’ profits. An initial franchise fee of ten thousand dollars is recognized when the operator becomes a franchise partner. The Company recognizes franchise partner fees monthly as underlying restaurant sales occur.
The Company leases or subleases property and equipment to franchise partners under lease arrangements. Both real estate and equipment rental payments are charged to franchise partners and are recognized in accordance with ASC 842, “Leases”. During the third quarter of 2024 and 2023, restaurant operations recognized $5,780 and $5,692, respectively, in franchise partner fees related to rental income. During the first nine months ended September 30, 2024 and September 30, 2023, restaurant operations recognized $17,265 and $17,030, respectively, in franchise partner fees related to rental income.
Franchise Royalties and Fees
Franchise royalties and fees from Steak n Shake and Western Sizzlin franchisees are based upon a percentage of sales of the franchise restaurant and are recognized as earned. Franchise royalties are billed on a monthly basis. Initial franchise fees when a new restaurant opens or at the start of a new franchise term are recorded as deferred revenue when received and recognized as revenue over the term of the franchise agreement.
Other Revenue
Restaurant operations sell gift cards to customers which can be redeemed for retail food sales within our stores. Gift cards are recorded as deferred revenue when issued and are subsequently recorded as net sales upon redemption. Restaurant operations estimate breakage related to gift cards when the likelihood of redemption is remote. This estimate utilizes historical trends based on the vintage of the gift card. Breakage on gift cards is recorded as other revenue in proportion to the rate of gift card redemptions by vintage.
v3.24.3
Accounts Payable and Accrued Expenses
 9 Months Ended
Sep. 30, 2024
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses include the following.
 September 30,
2024		December 31,
2023
Accounts payable$26,314 $22,448 
Gift cards and other marketing5,263 7,089 
Insurance accruals2,411 2,565 
Compensation7,545 12,821 
Deferred revenue4,834 5,314 
Taxes payable13,471 11,050 
Oil and gas payable2,803 3,560 
Other4,053 1,896 
Accounts payable and accrued expenses$66,694 $66,743 
v3.24.3
Lines of Credit
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Lines of Credit Lines of Credit
Biglari Holdings Line of Credit
Biglari Holdings’ line of credit dated September 13, 2022 was amended on September 13, 2024 and the available line of credit was increased to $35,000. The line of credit matures on September 13, 2026. The line of credit includes customary covenants, as well as financial maintenance covenants. The balance of the line of credit was $9,000 on September 30, 2024. There was no balance on the line of credit on December 31, 2023. Our interest rate was 7.71% and 8.06% on September 30, 2024 and December 31, 2023, respectively, which is based on the 30-day Secured Overnight Financing Rate plus 2.75% and 2.73%, respectively.

Western Sizzlin Revolver
Western Sizzlin’s available line of credit is $500. As of September 30, 2024 and December 31, 2023, Western Sizzlin had no debt outstanding under its revolver.
v3.24.3
Unpaid Losses and Loss Adjustment Expenses
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Unpaid Losses and Loss Adjustment Expenses Unpaid Losses and Loss Adjustment Expenses
Our liabilities for unpaid losses and loss adjustment expenses (also referred to as “claim liabilities”) under insurance contracts are based upon estimates of the ultimate claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported (“IBNR”) claims. A reconciliation of the changes in claim liabilities, net of reinsurance, for each of the nine month periods ended September 30, 2024 and 2023 follows.
September 30,
2024		September 30,
2023
Balances at beginning of year:
Gross liabilities$16,105 $17,520 
Reinsurance recoverable on unpaid losses(937)(715)
Net liabilities15,168 16,805 
Incurred losses and loss adjustment expenses:
Current accident year36,246 29,171 
Prior accident years(4,189)(3,421)
Total32,057 25,750 
Paid losses and loss adjustment expenses:
Current accident year27,226 22,443 
Prior accident years4,718 6,026 
Total31,944 28,469 
Balances at September 30:
Net liabilities15,281 14,086 
Reinsurance recoverable on unpaid losses576 1,047 
Gross liabilities$15,857 $15,133 
We recorded net reductions of estimated ultimate liabilities for prior accident years of $4,189 and $3,421 in the first nine months of 2024 and 2023, respectively, which produced corresponding reductions in incurred losses and loss adjustment expenses in those periods. These reductions as a percentage of the net liabilities at the beginning of each year were 27.6% in 2024 and 20.4% in 2023.
v3.24.3
Lease Assets and Obligations
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Lease Assets and Obligations Lease Assets and Obligations
Lease obligations include the following.
Current portion of lease obligationsSeptember 30,
2024		December 31,
2023
Finance lease liabilities$1,282 $1,258 
Finance obligations4,603 4,826 
Operating lease liabilities8,474 8,771 
Total current portion of lease obligations$14,359 $14,855 
Long-term lease obligations
Finance lease liabilities$3,020 $3,581 
Finance obligations61,417 56,471 
Operating lease liabilities27,552 26,337 
Total long-term lease obligations$91,989 $86,389 
Nature of Leases
Steak n Shake and Western Sizzlin operate restaurants that are located on sites owned by us or leased from third parties. In addition, they own sites and lease sites from third parties that are leased and/or subleased to franchisees.
Lease Costs
A significant portion of our operating and finance lease portfolio includes restaurant locations. We recognize fixed lease expense for operating leases on a straight-line basis over the lease term. For finance leases, we recognize amortization expense on the right-of-use asset and interest expense on the lease liability over the lease term.
Total lease cost consists of the following.
Third QuarterFirst Nine Months
2024202320242023
Finance lease costs:
Amortization of right-of-use assets$249 $239 $696 $723 
Interest on lease liabilities78 80 245 257 
Operating and variable lease costs2,880 3,012 8,657 9,260 
Sublease income(3,002)(2,988)(8,977)(9,133)
Total lease costs$205 $343 $621 $1,107 
Supplemental cash flow information related to leases is as follows.
 First Nine Months
 20242023
Cash paid for amounts included in the measurement of lease liabilities:  
Financing cash flows from finance leases$921 $934 
Operating cash flows from finance leases$245 $257 
Operating cash flows from operating leases$8,147 $9,670 
Supplemental balance sheet information related to leases is as follows.
September 30,
2024		December 31,
2023
Finance leases:
Property and equipment, net$3,202 $3,574 
Weighted-average lease terms and discount rates are as follows.
September 30,
2024
Weighted-average remaining lease terms:
Finance leases4.47 years
Operating leases6.06 years
Weighted-average discount rates:
Finance leases7.0 %
Operating leases7.0 %
Maturities of lease liabilities as of September 30, 2024 are as follows.
YearOperating
Leases		Finance
Leases
Remainder of 2024$2,878 $378 
202510,220 1,486 
20267,865 1,163 
20275,580 828 
20284,761 437 
After 202812,637 729 
Total lease payments43,941 5,021 
Less interest7,915 719 
Total lease liabilities$36,026 $4,302 
Lease Income
The components of lease income recorded in restaurant operations are as follows.
Third QuarterFirst Nine Months
2024202320242023
Operating lease income$4,284 $4,085 $12,701 $12,214 
Variable lease income1,761 1,840 5,384 5,545 
Total lease income$6,045 $5,925 $18,085 $17,759 
The following table displays the Company’s future minimum rental receipts for non-cancelable leases and subleases as of September 30, 2024. Franchise partner leases and subleases are short-term leases and have been excluded from the table.

Operating Leases
YearSubleasesOwned Properties
Remainder of 2024$165 $99 
2025622 404 
2026225 407 
2027206 415 
202886 424 
After 2028— 2,435 
Total future minimum receipts$1,304 $4,184 
Lease Assets and Obligations Lease Assets and Obligations
Lease obligations include the following.
Current portion of lease obligationsSeptember 30,
2024		December 31,
2023
Finance lease liabilities$1,282 $1,258 
Finance obligations4,603 4,826 
Operating lease liabilities8,474 8,771 
Total current portion of lease obligations$14,359 $14,855 
Long-term lease obligations
Finance lease liabilities$3,020 $3,581 
Finance obligations61,417 56,471 
Operating lease liabilities27,552 26,337 
Total long-term lease obligations$91,989 $86,389 
Nature of Leases
Steak n Shake and Western Sizzlin operate restaurants that are located on sites owned by us or leased from third parties. In addition, they own sites and lease sites from third parties that are leased and/or subleased to franchisees.
Lease Costs
A significant portion of our operating and finance lease portfolio includes restaurant locations. We recognize fixed lease expense for operating leases on a straight-line basis over the lease term. For finance leases, we recognize amortization expense on the right-of-use asset and interest expense on the lease liability over the lease term.
Total lease cost consists of the following.
Third QuarterFirst Nine Months
2024202320242023
Finance lease costs:
Amortization of right-of-use assets$249 $239 $696 $723 
Interest on lease liabilities78 80 245 257 
Operating and variable lease costs2,880 3,012 8,657 9,260 
Sublease income(3,002)(2,988)(8,977)(9,133)
Total lease costs$205 $343 $621 $1,107 
Supplemental cash flow information related to leases is as follows.
 First Nine Months
 20242023
Cash paid for amounts included in the measurement of lease liabilities:  
Financing cash flows from finance leases$921 $934 
Operating cash flows from finance leases$245 $257 
Operating cash flows from operating leases$8,147 $9,670 
Supplemental balance sheet information related to leases is as follows.
September 30,
2024		December 31,
2023
Finance leases:
Property and equipment, net$3,202 $3,574 
Weighted-average lease terms and discount rates are as follows.
September 30,
2024
Weighted-average remaining lease terms:
Finance leases4.47 years
Operating leases6.06 years
Weighted-average discount rates:
Finance leases7.0 %
Operating leases7.0 %
Maturities of lease liabilities as of September 30, 2024 are as follows.
YearOperating
Leases		Finance
Leases
Remainder of 2024$2,878 $378 
202510,220 1,486 
20267,865 1,163 
20275,580 828 
20284,761 437 
After 202812,637 729 
Total lease payments43,941 5,021 
Less interest7,915 719 
Total lease liabilities$36,026 $4,302 
Lease Income
The components of lease income recorded in restaurant operations are as follows.
Third QuarterFirst Nine Months
2024202320242023
Operating lease income$4,284 $4,085 $12,701 $12,214 
Variable lease income1,761 1,840 5,384 5,545 
Total lease income$6,045 $5,925 $18,085 $17,759 
The following table displays the Company’s future minimum rental receipts for non-cancelable leases and subleases as of September 30, 2024. Franchise partner leases and subleases are short-term leases and have been excluded from the table.

Operating Leases
YearSubleasesOwned Properties
Remainder of 2024$165 $99 
2025622 404 
2026225 407 
2027206 415 
202886 424 
After 2028— 2,435 
Total future minimum receipts$1,304 $4,184 
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
In determining the quarterly provision for income taxes, the Company used an estimated annual effective tax rate for the first nine months of 2024 and 2023. Our periodic effective income tax rate is affected by the relative mix of pre-tax earnings or losses and underlying income tax rates applicable to the various taxing jurisdictions.
Income tax expense for the third quarter of 2024 was $11,201 compared to an income tax benefit of $17,502 for the third quarter of 2023.  Income tax expense for the first nine months of 2024 was $3,292 compared to an income tax expense of $3,254 for the first nine months of 2023. The variance in income taxes between 2024 and 2023 is attributable to taxes on income generated by the investment partnerships.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
We are involved in various legal proceedings and have certain unresolved claims pending. We believe, based on examination of these matters and experiences to date, that the ultimate liability, if any, in excess of amounts already provided in our consolidated financial statements is not likely to have a material effect on our results of operations, financial position or cash flow.
v3.24.3
Fair Value of Financial Assets
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets Fair Value of Financial Assets
The fair values of substantially all of our financial instruments were measured using market or income approaches. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, the fair values presented are not necessarily indicative of the amounts that could be realized in an actual current market exchange. The use of alternative market assumptions and/or estimation methodologies may have a material effect on the estimated fair value.
The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below.
•Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets. 
•Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector.
•Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and we may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities.
The following methods and assumptions were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheets:
Cash equivalents: Cash equivalents primarily consist of money market funds which are classified as Level 1 of the fair value hierarchy.
Equity securities: The Company’s investments in equity securities are classified as Level 1 of the fair value hierarchy. 
Bonds: The Company’s investments in bonds consist of both corporate and government debt. Bonds are classified as Level l of the fair value hierarchy.
As of September 30, 2024 and December 31, 2023, the fair values of financial assets were as follows.
September 30, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents$9,741 $— $— $9,741 $2,374 $— $— $2,374 
Equity securities
Consumer goods43,826 — — 43,826 26,660 — — 26,660 
Other4,962 — — 4,962 3,171 — — 3,171 
Bonds
Government53,995 — — 53,995 61,536 — — 61,536 
Corporate795 — — 795 3,199 — — 3,199 
Total assets at fair value$113,319 $— $— $113,319 $96,940 $— $— $96,940 
There were no changes in our valuation techniques used to measure fair values on a recurring basis.
v3.24.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Service Agreement
The Company is party to a service agreement with Biglari Enterprises LLC (“Biglari Enterprises”) under which Biglari Enterprises provides business and administrative related services to the Company. Biglari Enterprises is owned by Mr. Biglari.

The Company paid Biglari Enterprises $7,200 in service fees during the first nine months of 2024 and $6,300 during the first nine months of 2023. The service agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital Corp.  
Incentive Agreement
The Incentive Agreement establishes a performance-based annual incentive payment for Mr. Biglari contingent upon the growth in adjusted equity in each year attributable to our operating businesses. In order for Mr. Biglari to receive any incentive, our operating businesses must achieve an annual increase in shareholders’ equity in excess of 6% (the “hurdle rate”) above the previous highest level (the “high-water mark”). Mr. Biglari will receive 25% of any incremental book value created above the high-water mark plus the hurdle rate. The Company accrued $2,050 in incentive fees in the first nine months of 2024 and $3,700 in the first nine months of 2023.
v3.24.3
Business Segment Reporting
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Business Segment Reporting Business Segment Reporting
Our reportable business segments are organized in a manner that reflects how management views those business activities. Our restaurant operations include Steak n Shake and Western Sizzlin. Our insurance operations include First Guard and Southern Pioneer.  Our oil and gas operations include Southern Oil and Abraxas Petroleum. The Company also reports segment information for Maxim. Other business activities not specifically identified with reportable business segments are presented in corporate. We report our earnings from investment partnerships separate from our corporate expenses. We assess and measure segment operating results based on segment earnings as disclosed below. Segment earnings from operations are neither necessarily indicative of cash available to fund cash requirements, nor synonymous with cash flow from operations. The tabular information that follows shows data of our reportable segments reconciled to amounts reflected in the consolidated financial statements.
A disaggregation of our consolidated data for the third quarters and first nine months of 2024 and 2023 is presented in the tables which follow.
Revenues
Third QuarterFirst Nine Months
2024202320242023
Operating Businesses:
Restaurant Operations:
Steak n Shake$59,821 $59,180 $180,886 $179,244 
Western Sizzlin2,563 2,706 7,969 8,262 
Total Restaurant Operations62,384 61,886 188,855 187,506 
Insurance Operations:
Underwriting
First Guard9,394 9,351 28,198 27,465 
Southern Pioneer7,281 5,809 20,690 18,430 
Investment income and other1,572 1,464 4,786 4,505 
Total Insurance Operations18,247 16,624 53,674 50,400 
Oil and Gas Operations:
Abraxas Petroleum6,019 8,310 16,879 21,493 
Southern Oil3,555 3,849 10,876 13,630 
Total Oil and Gas Operations9,574 12,159 27,755 35,123 
Maxim202 268 715 1,624 
$90,407 $90,937 $270,999 $274,653 
 Earnings (Losses) Before Income Taxes
 Third QuarterFirst Nine Months
 2024202320242023
Operating Businesses:
Restaurant Operations:
Steak n Shake$6,248 $3,358 $15,994 $19,317 
Western Sizzlin265 397 1,162 1,462 
Total Restaurant Operations6,513 3,755 17,156 20,779 
Insurance Operations:
Underwriting:
First Guard1,366 2,362 3,497 7,378 
Southern Pioneer912 (166)186 (728)
Investment income and other845 1,155 3,536 3,456 
Total Insurance Operations3,123 3,351 7,219 10,106 
Oil and Gas Operations:
Abraxas Petroleum696 17,990 19,497 21,044 
Southern Oil16 963 32 2,902 
Total Oil and Gas Operations712 18,953 19,529 23,946 
Maxim(267)(239)(876)91 
Interest expense not allocated to segments(275)(262)(317)(469)
Total Operating Businesses9,806 25,558 42,711 54,453 
Goodwill impairment— — (1,000)— 
Corporate and other(6,534)(5,260)(13,038)(15,069)
Investment gains (losses)4,740 (4,715)3,724 (724)
Investment partnership gains (losses)35,314 (89,599)(22,591)(24,507)
 $43,326 $(74,016)$9,806 $14,153 
v3.24.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including Steak n Shake Inc., Western Sizzlin Corporation, First Guard Insurance Company, Maxim Inc., Southern Pioneer Property & Casualty Insurance Company, Biglari Reinsurance Ltd., Southern Oil Company and Abraxas Petroleum Corporation. Intercompany accounts and transactions have been eliminated in consolidation.
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Common Stock
The following table presents shares authorized, issued and outstanding on September 30, 2024 and December 31, 2023.
 September 30, 2024December 31, 2023
 Class AClass BClass AClass B
Common stock authorized500,000 10,000,000 500,000 10,000,000 
Common stock issued and outstanding206,864 2,068,640 206,864 2,068,640 
Schedule of Class A common stock earnings In the tabulation below is the weighted average equivalent Class A common stock for earnings per share.
Third QuarterFirst Nine Months
2024202320242023
Equivalent Class A common stock outstanding620,592 620,592 620,592 620,592 
Proportional ownership of Company stock held by investment partnerships340,683 331,585 339,245 329,732 
Equivalent Class A common stock for earnings per share279,909 289,007 281,347 290,860 
v3.24.3
Investment Partnerships (Tables)
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Fair Value and Carrying Value of our Partnership Interest
The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest are presented below.
 Fair ValueCompany
Common Stock		Carrying Value
Partnership interest at December 31, 2023$472,772 $273,669 $199,103 
Investment partnership gains (losses)(10,682)11,909 (22,591)
Contributions (net of distributions)29,499 29,499 
Changes in proportionate share of Company stock held4,420 (4,420)
Partnership interest at September 30, 2024$491,589 $289,998 $201,591 
 Fair ValueCompany
Common Stock		Carrying Value
Partnership interest at December 31, 2022$383,004 $227,210 $155,794 
Investment partnership gains (losses)21,141 45,648 (24,507)
Contributions (net of distributions)41,530 41,530 
Changes in proportionate share of Company stock held3,400 (3,400)
Partnership interest at September 30, 2023$445,675 $276,258 $169,417 
Schedule of Carrying Value of Investment Partnerships Net of Deferred Taxes
The carrying value of the investment partnerships net of deferred taxes is presented below.
 September 30,
2024		December 31, 2023
Carrying value of investment partnerships$201,591 $199,103 
Deferred tax liability related to investment partnerships(22,880)(27,896)
Carrying value of investment partnerships net of deferred taxes$178,711 $171,207 
Schedule of Gains (Losses) from Investment Partnerships
Gains/losses from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.
 Third QuarterFirst Nine Months
 2024202320242023
Gains (losses) from investment partnerships$35,314 $(89,599)$(22,591)$(24,507)
Tax expense (benefit)8,867 (21,222)(5,438)(6,660)
Contribution to net earnings (loss)$26,447 $(68,377)$(17,153)$(17,847)
Schedule of Equity Method Investments
Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.
 Equity in Investment Partnerships
 Lion FundLion Fund II
Total assets as of September 30, 2024$372,605 $382,895 
Total liabilities as of September 30, 2024$22,447 $183,055 
Revenue for the first nine months of 2024$(1,940)$(630)
Earnings (loss) for the first nine months of 2024$(3,233)$(9,261)
Biglari Holdings’ ownership interest as of September 30, 202490.2 %87.8 %
Total assets as of December 31, 2023$371,365 $373,302 
Total liabilities as of December 31, 2023$26,594 $185,024 
Revenue for the first nine months of 2023$44,886 $(12,172)
Earnings (loss) for the first nine months of 2023$44,208 $(19,603)
Biglari Holdings’ ownership interest as of September 30, 202389.4 %87.8 %
v3.24.3
Property and Equipment (Tables)
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
Property and equipment is composed of the following.
 September 30,
2024		December 31,
2023
Land$136,953 $139,897 
Buildings158,890 151,716 
Land and leasehold improvements152,016 149,795 
Equipment213,279 212,424 
Oil and gas properties156,364 145,065 
Construction in progress346 1,629 
 817,848 800,526 
Less accumulated depreciation, depletion, and amortization(437,226)(420,035)
Property and equipment, net$380,622 $380,491 
v3.24.3
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
A reconciliation of the change in the carrying value of goodwill is as follows.
 Goodwill
Goodwill at December 31, 2023
Goodwill $53,830 
Impairments prior to 2024(300)
53,530 
Impairment during the first nine months of 2024(1,000)
Change in foreign exchange rates during the first nine months of 20247 
Goodwill at September 30, 2024
$52,537 
Schedule of Finite-Lived Intangible Assets
Intangible assets with indefinite lives are composed of the following.
 Trade NamesLease RightsTotal
Balance at December 31, 2023
Intangibles$15,876 $11,102 $26,978 
Impairments prior to 2024— (3,748)(3,748)
15,876 7,354 23,230 
Change in foreign exchange rates during the first nine months of 2024— 78 78 
Balance at September 30, 2024
$15,876 $7,432 $23,308 
v3.24.3
Restaurant Operations Revenues (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Restaurant Operations Revenues
Restaurant operations revenues were as follows.
 Third QuarterFirst Nine Months
 2024202320242023
Net sales$39,660 $39,195 $119,210 $115,613 
Franchise partner fees17,157 17,622 53,064 54,604 
Franchise royalties and fees3,442 4,073 10,534 12,456 
Other2,125 996 6,047 4,833 
 $62,384 $61,886 $188,855 $187,506 
v3.24.3
Accounts Payable And Accrued Expenses (Tables)
 9 Months Ended
Sep. 30, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accounts payable and accrued expenses include the following.
 September 30,
2024		December 31,
2023
Accounts payable$26,314 $22,448 
Gift cards and other marketing5,263 7,089 
Insurance accruals2,411 2,565 
Compensation7,545 12,821 
Deferred revenue4,834 5,314 
Taxes payable13,471 11,050 
Oil and gas payable2,803 3,560 
Other4,053 1,896 
Accounts payable and accrued expenses$66,694 $66,743 
v3.24.3
Unpaid Losses and Loss Adjustment Expenses (Tables)
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense A reconciliation of the changes in claim liabilities, net of reinsurance, for each of the nine month periods ended September 30, 2024 and 2023 follows.
September 30,
2024		September 30,
2023
Balances at beginning of year:
Gross liabilities$16,105 $17,520 
Reinsurance recoverable on unpaid losses(937)(715)
Net liabilities15,168 16,805 
Incurred losses and loss adjustment expenses:
Current accident year36,246 29,171 
Prior accident years(4,189)(3,421)
Total32,057 25,750 
Paid losses and loss adjustment expenses:
Current accident year27,226 22,443 
Prior accident years4,718 6,026 
Total31,944 28,469 
Balances at September 30:
Net liabilities15,281 14,086 
Reinsurance recoverable on unpaid losses576 1,047 
Gross liabilities$15,857 $15,133 
v3.24.3
Lease Assets and Obligations (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Schedule of Debt
Lease obligations include the following.
Current portion of lease obligationsSeptember 30,
2024		December 31,
2023
Finance lease liabilities$1,282 $1,258 
Finance obligations4,603 4,826 
Operating lease liabilities8,474 8,771 
Total current portion of lease obligations$14,359 $14,855 
Long-term lease obligations
Finance lease liabilities$3,020 $3,581 
Finance obligations61,417 56,471 
Operating lease liabilities27,552 26,337 
Total long-term lease obligations$91,989 $86,389 
Schedule of Lease Cost
Total lease cost consists of the following.
Third QuarterFirst Nine Months
2024202320242023
Finance lease costs:
Amortization of right-of-use assets$249 $239 $696 $723 
Interest on lease liabilities78 80 245 257 
Operating and variable lease costs2,880 3,012 8,657 9,260 
Sublease income(3,002)(2,988)(8,977)(9,133)
Total lease costs$205 $343 $621 $1,107 
Schedule of Cash Flow, Supplemental Disclosures
Supplemental cash flow information related to leases is as follows.
 First Nine Months
 20242023
Cash paid for amounts included in the measurement of lease liabilities:  
Financing cash flows from finance leases$921 $934 
Operating cash flows from finance leases$245 $257 
Operating cash flows from operating leases$8,147 $9,670 
Schedule Of Supplemental Balance Sheet Information Related To Leases
Supplemental balance sheet information related to leases is as follows.
September 30,
2024		December 31,
2023
Finance leases:
Property and equipment, net$3,202 $3,574 
Schedule Of Weighted-Average Lease Terms And Discount Rates
Weighted-average lease terms and discount rates are as follows.
September 30,
2024
Weighted-average remaining lease terms:
Finance leases4.47 years
Operating leases6.06 years
Weighted-average discount rates:
Finance leases7.0 %
Operating leases7.0 %
Schedule of Lessee, Operating Lease, Liability, Maturity
Maturities of lease liabilities as of September 30, 2024 are as follows.
YearOperating
Leases		Finance
Leases
Remainder of 2024$2,878 $378 
202510,220 1,486 
20267,865 1,163 
20275,580 828 
20284,761 437 
After 202812,637 729 
Total lease payments43,941 5,021 
Less interest7,915 719 
Total lease liabilities$36,026 $4,302 
Schedule of Operating Lease, Lease Income
The components of lease income recorded in restaurant operations are as follows.
Third QuarterFirst Nine Months
2024202320242023
Operating lease income$4,284 $4,085 $12,701 $12,214 
Variable lease income1,761 1,840 5,384 5,545 
Total lease income$6,045 $5,925 $18,085 $17,759 
Schedule of Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity
The following table displays the Company’s future minimum rental receipts for non-cancelable leases and subleases as of September 30, 2024. Franchise partner leases and subleases are short-term leases and have been excluded from the table.

Operating Leases
YearSubleasesOwned Properties
Remainder of 2024$165 $99 
2025622 404 
2026225 407 
2027206 415 
202886 424 
After 2028— 2,435 
Total future minimum receipts$1,304 $4,184 
v3.24.3
Fair Value of Financial Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
As of September 30, 2024 and December 31, 2023, the fair values of financial assets were as follows.
September 30, 2024December 31, 2023
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents$9,741 $— $— $9,741 $2,374 $— $— $2,374 
Equity securities
Consumer goods43,826 — — 43,826 26,660 — — 26,660 
Other4,962 — — 4,962 3,171 — — 3,171 
Bonds
Government53,995 — — 53,995 61,536 — — 61,536 
Corporate795 — — 795 3,199 — — 3,199 
Total assets at fair value$113,319 $— $— $113,319 $96,940 $— $— $96,940 
v3.24.3
Business Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
A disaggregation of our consolidated data for the third quarters and first nine months of 2024 and 2023 is presented in the tables which follow.
Revenues
Third QuarterFirst Nine Months
2024202320242023
Operating Businesses:
Restaurant Operations:
Steak n Shake$59,821 $59,180 $180,886 $179,244 
Western Sizzlin2,563 2,706 7,969 8,262 
Total Restaurant Operations62,384 61,886 188,855 187,506 
Insurance Operations:
Underwriting
First Guard9,394 9,351 28,198 27,465 
Southern Pioneer7,281 5,809 20,690 18,430 
Investment income and other1,572 1,464 4,786 4,505 
Total Insurance Operations18,247 16,624 53,674 50,400 
Oil and Gas Operations:
Abraxas Petroleum6,019 8,310 16,879 21,493 
Southern Oil3,555 3,849 10,876 13,630 
Total Oil and Gas Operations9,574 12,159 27,755 35,123 
Maxim202 268 715 1,624 
$90,407 $90,937 $270,999 $274,653 
Schedule of Earnings (Losses) Before Income Taxes by Segment
 Earnings (Losses) Before Income Taxes
 Third QuarterFirst Nine Months
 2024202320242023
Operating Businesses:
Restaurant Operations:
Steak n Shake$6,248 $3,358 $15,994 $19,317 
Western Sizzlin265 397 1,162 1,462 
Total Restaurant Operations6,513 3,755 17,156 20,779 
Insurance Operations:
Underwriting:
First Guard1,366 2,362 3,497 7,378 
Southern Pioneer912 (166)186 (728)
Investment income and other845 1,155 3,536 3,456 
Total Insurance Operations3,123 3,351 7,219 10,106 
Oil and Gas Operations:
Abraxas Petroleum696 17,990 19,497 21,044 
Southern Oil16 963 32 2,902 
Total Oil and Gas Operations712 18,953 19,529 23,946 
Maxim(267)(239)(876)91 
Interest expense not allocated to segments(275)(262)(317)(469)
Total Operating Businesses9,806 25,558 42,711 54,453 
Goodwill impairment— — (1,000)— 
Corporate and other(6,534)(5,260)(13,038)(15,069)
Investment gains (losses)4,740 (4,715)3,724 (724)
Investment partnership gains (losses)35,314 (89,599)(22,591)(24,507)
 $43,326 $(74,016)$9,806 $14,153 
v3.24.3
Summary of Significant Accounting Policies (Details)
Sep. 30, 2024
Mr. Biglari  
Business Acquisition [Line Items]  
Voting interest 71.50%
v3.24.3
Earnings Per Share - Schedule of Common Stock (Details) - shares
Sep. 30, 2024
Dec. 31, 2023
Common Class A    
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Common stock authorized (in shares) 500,000 500,000
Common stock issued (in shares) 206,864 206,864
Common stock outstanding (in shares) 206,864 206,864
Common Class B    
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Common stock authorized (in shares) 10,000,000 10,000,000
Common stock issued (in shares) 2,068,640 2,068,640
Common stock outstanding (in shares) 2,068,640 2,068,640
v3.24.3
Earnings Per Share - Schedule of Class A Common Stock (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
shares
Sep. 30, 2023
shares
Sep. 30, 2024
shares
Sep. 30, 2023
shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Equivalent class A common stock outstanding (in shares) 620,592 620,592 620,592 620,592
Proportional ownership of Company stock held by investment partnerships (in shares) 340,683 331,585 339,245 329,732
Equivalent Class A common stock for earnings per share (in shares) 279,909 289,007 281,347 290,860
Common Class A        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Class B shares economically equivalent of Class A shares, ratio     0.2  
v3.24.3
Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]        
Investment gains (losses) $ 4,740 $ (4,715) $ 3,724 $ (724)
v3.24.3
Investment Partnerships - Fair Value and Adjustments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Increase (Decrease) In Equity Method Investments [Roll Forward]        
Investment partnership gains (losses) $ 35,314 $ (89,599) $ (22,591) $ (24,507)
Fair Value        
Increase (Decrease) In Equity Method Investments [Roll Forward]        
Partnership interest, beginning balance     472,772 383,004
Investment partnership gains (losses)     (10,682) 21,141
Contributions (net of distributions)     29,499 41,530
Changes in proportionate share of Company stock held    
Partnership interest, ending balance 491,589 445,675 491,589 445,675
Company Common Stock        
Increase (Decrease) In Equity Method Investments [Roll Forward]        
Partnership interest, beginning balance     273,669 227,210
Investment partnership gains (losses)     11,909 45,648
Contributions (net of distributions)    
Changes in proportionate share of Company stock held     4,420 3,400
Partnership interest, ending balance 289,998 276,258 289,998 276,258
Carrying Value        
Increase (Decrease) In Equity Method Investments [Roll Forward]        
Partnership interest, beginning balance     199,103 155,794
Investment partnership gains (losses)     (22,591) (24,507)
Contributions (net of distributions)     29,499 41,530
Changes in proportionate share of Company stock held     (4,420) (3,400)
Partnership interest, ending balance $ 201,591 $ 169,417 $ 201,591 $ 169,417
v3.24.3
Investment Partnerships - Carrying Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]    
Carrying value of investment partnerships $ 201,591 $ 199,103
Deferred tax liability related to investment partnerships (22,880) (27,896)
Carrying value of investment partnerships net of deferred taxes $ 178,711 $ 171,207
v3.24.3
Investment Partnerships - Narrative (Details) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Deferred tax liability related to investment partnerships $ 22,880,000   $ 27,896,000
Investment partnerships at cost 420,762,000   $ 416,342,000
Incentive reallocation fee $ 0 $ 0  
Biglari Entities      
Schedule of Equity Method Investments [Line Items]      
Incentive reallocation fee, percentage 25.00%    
Hurdle rate, percentage 6.00%    
v3.24.3
Investment Partnerships - Gains and Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]        
Gains (losses) from investment partnerships $ 35,314 $ (89,599) $ (22,591) $ (24,507)
Tax expense (benefit) 8,867 (21,222) (5,438) (6,660)
Contribution to net earnings (loss) $ 26,447 $ (68,377) $ (17,153) $ (17,847)
v3.24.3
Investment Partnerships - Summarized Financial Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]                  
Total assets $ 865,116           $ 865,116   $ 849,422
Total liabilities 263,353           263,353   250,092
Earnings (loss) $ 32,125 $ (48,190) $ 22,579 $ (56,514) $ 1,876 $ 65,537 $ 6,514 $ 10,899  
Lion Fund                  
Schedule of Equity Method Investments [Line Items]                  
Biglari Holdings' ownership interest 90.20%     89.40%     90.20% 89.40%  
Lion Fund II                  
Schedule of Equity Method Investments [Line Items]                  
Biglari Holdings' ownership interest 87.80%     87.80%     87.80% 87.80%  
Lion Fund                  
Schedule of Equity Method Investments [Line Items]                  
Total assets $ 372,605           $ 372,605   371,365
Total liabilities 22,447           22,447   26,594
Revenues             (1,940) $ 44,886  
Earnings (loss)             (3,233) 44,208  
Lion Fund II                  
Schedule of Equity Method Investments [Line Items]                  
Total assets 382,895           382,895   373,302
Total liabilities $ 183,055           183,055   $ 185,024
Revenues             (630) (12,172)  
Earnings (loss)             $ (9,261) $ (19,603)  
v3.24.3
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Land $ 136,953 $ 139,897
Buildings 158,890 151,716
Land and leasehold improvements 152,016 149,795
Equipment 213,279 212,424
Oil and gas properties 156,364 145,065
Construction in progress 346 1,629
Total property and equipment 817,848 800,526
Less accumulated depreciation, depletion, and amortization (437,226) (420,035)
Property and equipment, net $ 380,622 $ 380,491
v3.24.3
Property and Equipment - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Property, Plant and Equipment [Line Items]          
Depletion of oil and gas properties     $ 7,412,000 $ 7,550,000  
Impairment of long-lived assets held-for-use $ 0 $ 752,000 107,000 2,361,000  
Asset held for sale $ 0   0   $ 773,000
Gain on sale of assets     21,718,000 18,391,000  
Gain or loss on sale of office building       0  
Steak n Shake          
Property, Plant and Equipment [Line Items]          
Gain on sale of assets     $ 5,335,000 $ 5,253,000  
v3.24.3
Goodwill and Other Intangible Assets - Reconciliation of Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill   $ 53,830
Impairments prior to 2024   (300)
Goodwill, net $ 52,537 $ 53,530
Goodwill [Roll Forward]    
Goodwill at December 31, 2023 53,530  
Impairment during the first nine months of 2024 (1,000)  
Change in foreign exchange rates during the first nine months of 2024 7  
Goodwill at September 30, 2024 $ 52,537  
v3.24.3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Goodwill [Line Items]      
Impairment loss   $ 1,000,000  
Impairment of intangible assets   0 $ 20,000
Steak n Shake      
Goodwill [Line Items]      
Impairment loss   $ 0 0
Western Sizzlin      
Goodwill [Line Items]      
Impairment loss $ 1,000,000   $ 0
v3.24.3
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Intangibles   $ 26,978
Impairments prior to 2024   (3,748)
Intangible assets, net $ 23,308 23,230
Finite-lived Intangible Assets [Roll Forward]    
Balance at December 31, 2023 23,230  
Change in foreign exchange rates during the first nine months of 2024 78  
Balance at September 30, 2024 23,308  
Trade Names    
Goodwill [Line Items]    
Intangibles   15,876
Impairments prior to 2024   0
Intangible assets, net 15,876 15,876
Finite-lived Intangible Assets [Roll Forward]    
Balance at December 31, 2023 15,876  
Change in foreign exchange rates during the first nine months of 2024 0  
Balance at September 30, 2024 15,876  
Lease Rights    
Goodwill [Line Items]    
Intangibles   11,102
Impairments prior to 2024   (3,748)
Intangible assets, net 7,432 $ 7,354
Finite-lived Intangible Assets [Roll Forward]    
Balance at December 31, 2023 7,354  
Change in foreign exchange rates during the first nine months of 2024 78  
Balance at September 30, 2024 $ 7,432  
v3.24.3
Restaurant Operations Revenues - Schedule of Restaurant Operations Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Restaurant operations $ 90,407 $ 90,937 $ 270,999 $ 274,653
Restaurant        
Disaggregation of Revenue [Line Items]        
Restaurant operations 62,384 61,886 188,855 187,506
Net sales | Restaurant        
Disaggregation of Revenue [Line Items]        
Restaurant operations 39,660 39,195 119,210 115,613
Franchise partner fees | Restaurant        
Disaggregation of Revenue [Line Items]        
Restaurant operations 17,157 17,622 53,064 54,604
Franchise royalties and fees | Restaurant        
Disaggregation of Revenue [Line Items]        
Restaurant operations 3,442 4,073 10,534 12,456
Other | Restaurant        
Disaggregation of Revenue [Line Items]        
Restaurant operations $ 2,125 $ 996 $ 6,047 $ 4,833
v3.24.3
Restaurant Operations Revenues - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]        
Franchise partner fees sales percent     15.00%  
Franchise partner fees profits percent     50.00%  
Initial franchise partner fee     $ 10,000  
Rental fees $ 5,780,000 $ 5,692,000 $ 17,265,000 $ 17,030,000
v3.24.3
Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Accounts payable $ 26,314 $ 22,448
Gift cards and other marketing 5,263 7,089
Insurance accruals 2,411 2,565
Compensation 7,545 12,821
Deferred revenue 4,834 5,314
Taxes payable 13,471 11,050
Oil and gas payable 2,803 3,560
Other 4,053 1,896
Accounts payable and accrued expenses $ 66,694 $ 66,743
v3.24.3
Lines of Credit (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Line of Credit    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 35,000,000  
Long-term line of credit $ 9,000 $ 0
Debt instrument, basis spread on variable rate 7.71% 8.06%
Line of Credit | Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 2.75% 2.73%
Revolving Credit Facility | Western Sizzlin Revolver    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 500,000  
Long-term line of credit   $ 0
v3.24.3
Unpaid Losses and Loss Adjustment Expenses - Reconciliation of Changes in Claim Liabilities, Net of Reinsurance (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]        
Gross liabilities $ 15,857 $ 15,133 $ 16,105 $ 17,520
Reinsurance recoverable on unpaid losses 576 1,047 $ (937) $ (715)
Balances at beginning of year, Net liabilities 15,168 16,805    
Incurred losses and loss adjustment expenses:        
Current accident year 36,246 29,171    
Prior accident years (4,189) (3,421)    
Total 32,057 25,750    
Paid losses and loss adjustment expenses:        
Current accident year 27,226 22,443    
Prior accident years 4,718 6,026    
Total 31,944 28,469    
Balances at end of each year, Net liabilities $ 15,281 $ 14,086    
v3.24.3
Unpaid Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Insurance [Abstract]    
Reduction in provision for insured events of prior years $ 4,189 $ 3,421
Reductions as a percentage of net liabilities 27.60% 20.40%
v3.24.3
Lease Assets and Obligations - Schedule of Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current portion of lease obligations    
Finance lease liabilities $ 1,282 $ 1,258
Finance obligations 4,603 4,826
Operating lease liabilities 8,474 8,771
Total current portion of lease obligations 14,359 14,855
Long-term lease obligations    
Finance lease liabilities 3,020 3,581
Finance obligations 61,417 56,471
Operating lease liabilities 27,552 26,337
Total long-term lease obligations $ 91,989 $ 86,389
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Total current portion of lease obligations Total current portion of lease obligations
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Total current portion of lease obligations Total current portion of lease obligations
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Total long-term lease obligations Total long-term lease obligations
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Total long-term lease obligations Total long-term lease obligations
v3.24.3
Lease Assets and Obligations - Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Finance lease costs:        
Amortization of right-of-use assets $ 249 $ 239 $ 696 $ 723
Interest on lease liabilities 78 80 245 257
Operating and variable lease costs 2,880 3,012 8,657 9,260
Sublease income (3,002) (2,988) (8,977) (9,133)
Total lease costs $ 205 $ 343 $ 621 $ 1,107
v3.24.3
Lease Assets and Obligations - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:    
Financing cash flows from finance leases $ 921 $ 934
Operating cash flows from finance leases 245 257
Operating cash flows from operating leases $ 8,147 $ 9,670
v3.24.3
Lease Assets and Obligations - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Leases [Abstract]    
Property and equipment, net $ 3,202 $ 3,574
v3.24.3
Lease Assets and Obligations - Weighted Average Lease Terms and Discount Rates (Details)
Sep. 30, 2024
Weighted-average remaining lease terms:  
Finance leases 4 years 5 months 19 days
Operating leases 6 years 21 days
Weighted-average discount rates:  
Finance leases 7.00%
Operating leases 7.00%
v3.24.3
Lease Assets and Obligations - Lease Maturity Schedule (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Operating Leases  
Remainder of 2024 $ 2,878
2025 10,220
2026 7,865
2027 5,580
2028 4,761
After 2028 12,637
Total lease payments 43,941
Less interest 7,915
Total lease liabilities 36,026
Finance Leases  
Remainder of 2024 378
2025 1,486
2026 1,163
2027 828
2028 437
After 2028 729
Total lease payments 5,021
Less interest 719
Total lease liabilities $ 4,302
v3.24.3
Lease Assets and Obligations - Lease Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Leases [Abstract]        
Operating lease income $ 4,284 $ 4,085 $ 12,701 $ 12,214
Variable lease income 1,761 1,840 5,384 5,545
Total lease income $ 6,045 $ 5,925 $ 18,085 $ 17,759
v3.24.3
Lease Assets and Obligations - Future Minimum Rental Receipts (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Subleases  
Operating Leases  
Remainder of 2024 $ 165
2025 622
2026 225
2027 206
2028 86
After 2028 0
Total future minimum receipts 1,304
Owned Properties  
Operating Leases  
Remainder of 2024 99
2025 404
2026 407
2027 415
2028 424
After 2028 2,435
Total future minimum receipts $ 4,184
v3.24.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Income tax (benefit) expense $ 11,201 $ (17,502) $ 3,292 $ 3,254
v3.24.3
Fair Value of Financial Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets    
Cash equivalents $ 9,741 $ 2,374
Total assets at fair value 113,319 96,940
Consumer goods    
Assets    
Equity securities 43,826 26,660
Other    
Assets    
Equity securities 4,962 3,171
Government    
Assets    
Bonds 53,995 61,536
Corporate    
Assets    
Bonds 795 3,199
Level 1    
Assets    
Cash equivalents 9,741 2,374
Total assets at fair value 113,319 96,940
Level 1 | Consumer goods    
Assets    
Equity securities 43,826 26,660
Level 1 | Other    
Assets    
Equity securities 4,962 3,171
Level 1 | Government    
Assets    
Bonds 53,995 61,536
Level 1 | Corporate    
Assets    
Bonds 795 3,199
Level 2    
Assets    
Cash equivalents 0 0
Total assets at fair value 0 0
Level 2 | Consumer goods    
Assets    
Equity securities 0 0
Level 2 | Other    
Assets    
Equity securities 0 0
Level 2 | Government    
Assets    
Bonds 0 0
Level 2 | Corporate    
Assets    
Bonds 0 0
Level 3    
Assets    
Cash equivalents 0 0
Total assets at fair value 0 0
Level 3 | Consumer goods    
Assets    
Equity securities 0 0
Level 3 | Other    
Assets    
Equity securities 0 0
Level 3 | Government    
Assets    
Bonds 0 0
Level 3 | Corporate    
Assets    
Bonds $ 0 $ 0
v3.24.3
Related Party Transactions (Details) - Related Party - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Services Agreement    
Related Party Transaction [Line Items]    
Management fee expense $ 7,200 $ 6,300
Incentive Agreement    
Related Party Transaction [Line Items]    
Hurdle rate, percentage 6.00%  
Incentive reallocation fee, percentage 25.00%  
Incentive fees $ 2,050 $ 3,700
v3.24.3
Business Segment Reporting - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Restaurant operations $ 90,407 $ 90,937 $ 270,999 $ 274,653
Restaurant operations        
Segment Reporting Information [Line Items]        
Restaurant operations 62,384 61,886 188,855 187,506
Restaurant operations | Steak n Shake        
Segment Reporting Information [Line Items]        
Restaurant operations 59,821 59,180 180,886 179,244
Restaurant operations | Western Sizzlin        
Segment Reporting Information [Line Items]        
Restaurant operations 2,563 2,706 7,969 8,262
Insurance premiums and other        
Segment Reporting Information [Line Items]        
Restaurant operations 18,247 16,624 53,674 50,400
Insurance premiums and other | Insurance Investment Income And Other        
Segment Reporting Information [Line Items]        
Restaurant operations 1,572 1,464 4,786 4,505
Insurance premiums and other | First Guard | Insurance Underwriting        
Segment Reporting Information [Line Items]        
Restaurant operations 9,394 9,351 28,198 27,465
Insurance premiums and other | Southern Pioneer | Insurance Underwriting        
Segment Reporting Information [Line Items]        
Restaurant operations 7,281 5,809 20,690 18,430
Oil and Gas Operations        
Segment Reporting Information [Line Items]        
Restaurant operations 9,574 12,159 27,755 35,123
Oil and Gas Operations | Abraxas Petroleum        
Segment Reporting Information [Line Items]        
Restaurant operations 6,019 8,310 16,879 21,493
Oil and Gas Operations | Southern Oil        
Segment Reporting Information [Line Items]        
Restaurant operations 3,555 3,849 10,876 13,630
Maxim        
Segment Reporting Information [Line Items]        
Restaurant operations $ 202 $ 268 $ 715 $ 1,624
v3.24.3
Business Segment Reporting - Earnings (Losses) Before Income Taxes (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]          
Goodwill impairment       $ (1,000,000)  
Investment gains (losses) $ 4,740,000   $ (4,715,000) 3,724,000 $ (724,000)
Investment partnership gains (losses)       (18,867,000) (25,231,000)
Earnings (loss) before income taxes 43,326,000   (74,016,000) 9,806,000 14,153,000
Steak n Shake          
Segment Reporting Information [Line Items]          
Goodwill impairment       0 0
Western Sizzlin          
Segment Reporting Information [Line Items]          
Goodwill impairment   $ (1,000,000)     0
Operating Segments          
Segment Reporting Information [Line Items]          
Earnings (Losses) Before Income Taxes 9,806,000   25,558,000 42,711,000 54,453,000
Interest expense not allocated to segments (275,000)   (262,000) (317,000) (469,000)
Segment Reconciling Items          
Segment Reporting Information [Line Items]          
Goodwill impairment 0   0 (1,000,000) 0
Corporate and other (6,534,000)   (5,260,000) (13,038,000) (15,069,000)
Investment gains (losses) 4,740,000   (4,715,000) 3,724,000 (724,000)
Investment partnership gains (losses) 35,314,000   (89,599,000) (22,591,000) (24,507,000)
Restaurant operations | Operating Segments          
Segment Reporting Information [Line Items]          
Earnings (Losses) Before Income Taxes 6,513,000   3,755,000 17,156,000 20,779,000
Restaurant operations | Operating Segments | Steak n Shake          
Segment Reporting Information [Line Items]          
Earnings (Losses) Before Income Taxes 6,248,000   3,358,000 15,994,000 19,317,000
Restaurant operations | Operating Segments | Western Sizzlin          
Segment Reporting Information [Line Items]          
Earnings (Losses) Before Income Taxes 265,000   397,000 1,162,000 1,462,000
Insurance Operations | Operating Segments          
Segment Reporting Information [Line Items]          
Earnings (Losses) Before Income Taxes 3,123,000   3,351,000 7,219,000 10,106,000
Insurance Operations | Operating Segments | Insurance Investment Income And Other          
Segment Reporting Information [Line Items]          
Earnings (Losses) Before Income Taxes 845,000   1,155,000 3,536,000 3,456,000
Insurance Operations | Operating Segments | First Guard | Insurance Underwriting          
Segment Reporting Information [Line Items]          
Earnings (Losses) Before Income Taxes 1,366,000   2,362,000 3,497,000 7,378,000
Insurance Operations | Operating Segments | Southern Pioneer | Insurance Underwriting          
Segment Reporting Information [Line Items]          
Earnings (Losses) Before Income Taxes 912,000   (166,000) 186,000 (728,000)
Oil and Gas Operations | Operating Segments          
Segment Reporting Information [Line Items]          
Earnings (Losses) Before Income Taxes 712,000   18,953,000 19,529,000 23,946,000
Oil and Gas Operations | Operating Segments | Abraxas Petroleum          
Segment Reporting Information [Line Items]          
Earnings (Losses) Before Income Taxes 696,000   17,990,000 19,497,000 21,044,000
Oil and Gas Operations | Operating Segments | Southern Oil          
Segment Reporting Information [Line Items]          
Earnings (Losses) Before Income Taxes 16,000   963,000 32,000 2,902,000
Maxim | Operating Segments          
Segment Reporting Information [Line Items]          
Earnings (Losses) Before Income Taxes $ (267,000)   $ (239,000) $ (876,000) $ 91,000
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