BH.A

Biglari Holdings Inc. Class A shares represent ownership in a holding company with dual-class share structure controlled by Chairman and CEO Sardar Biglari. The company's primary assets include Steak n Shake restaurants, First Guard Insurance company, and Maxim magazine. Class A shares carry one vote per share, while Class B shares (BH) carry substantially more votes per share, concentrating voting control with insiders. Both share classes have identical economic rights and receive the same dividends, differing only in voting power. Biglari Holdings has faced significant operational challenges at Steak n Shake, which has closed numerous locations and transitioned toward franchising. The company operates with a value investing philosophy, deploying capital into various investments and acquisitions. Biglari Holdings has been subject to shareholder criticism regarding corporate governance, executive compensation, and capital allocation decisions. The dual-class structure prevents shareholders from effectively influencing management despite economic ownership. Class A shares typically trade at discounts to Class B shares reflecting the lack of voting control. Investors should carefully consider governance factors when evaluating this investment.