Biglari Holdings

Biglari Holdings Inc. Class B Common Stock is the Class B equity of Biglari Holdings, a diversified holding company centered on restaurant operations, insurance, oil and gas, and related business segments. The company’s restaurant businesses include Steak n Shake and Western Sizzlin, while its insurance operations include property and casualty underwriting through units such as First Guard, Southern Pioneer, and Biglari Reinsurance. It also maintains oil and gas activities and reports results from its Maxim segment and corporate holdings. Biglari Holdings uses this multi-segment structure to manage a portfolio of operating businesses and investments across consumer, insurance, and energy markets. The Class B shares represent one part of its dual-class capital structure and are used by market participants to track the company’s operating performance, asset mix, and exposure to several distinct industries.