Biglari Holdings, Inc. Class B (BH)

Over the past six months, Biglari Holdings Inc. stock has significantly appreciated. The stock reached a 52-week high of $381.83 on October 24, 2025. Insider buying activity has been noted, with the Chairman and CEO, Sardar Biglari, purchasing common stock on multiple occasions. Biglari Capital's filing of definitive proxy materials with the SEC on October 27, 2025, to solicit votes against certain directors at Cracker Barrel's annual shareholder meeting, was a notable event.

Demand seasonality varies across Biglari Holdings' business segments. The restaurant industry can experience intensified competition during peak seasons and local events, and Steak n Shake has introduced seasonal menu items. Demand for property and casualty insurance fluctuates throughout the year, driven by seasonal patterns such as natural disaster seasons and the home-buying season. Commercial truck insurance can see seasonal variations due to factors like holiday shipping surges and agricultural harvests. The oil and gas market exhibits seasonal demand shifts, with winter bringing a surge in demand for heating oil and natural gas, and summer seeing a rise in gasoline demand. Direct information on the demand seasonality for Maxim magazine's readership or advertising revenue is not readily available.

Biglari Holdings Inc. is a diversified holding company based in San Antonio, Texas, with interests in restaurants, insurance, oil and gas, media, and investments. The company operates and franchises restaurants under the Steak n Shake and Western Sizzlin brands. It is also involved in the insurance industry through First Guard Insurance Company and Southern Pioneer Property & Casualty Insurance Company. Biglari Holdings has a presence in the energy sector with Southern Oil Company and Abraxas Petroleum Corporation. Additionally, the company owns and publishes Maxim magazine.

The company's restaurant operations are primarily located in the United States. Its oil and natural gas operations are situated offshore in Louisiana state waters and within the Permian Basin. Maxim magazine is an international publication with 16 editions sold in 75 countries worldwide, while based in New York City.

In the past year, a significant event impacting Biglari Holdings' reputation has been the ongoing proxy battle between Biglari Capital and Cracker Barrel Old Country Store, Inc. Biglari Capital has actively sought to influence Cracker Barrel's board and business strategy. Specific events directly affecting the overall brand reputation of Biglari Holdings Inc. or its other diverse subsidiaries (excluding the general performance of Steak n Shake which has seen recent sales upticks) in the past year are not prominently reported in the provided search results.

Biglari Holdings is predominantly owned by institutional shareholders and insiders. Institutional shareholders hold approximately 88.49% of the company, while insiders own about 382.48%. Retail investors hold a smaller portion, around 0.00%. Lion Fund LP is the largest individual shareholder. Other major institutional owners include Biglari Capital Corp., Dimensional Fund Advisors Lp, BlackRock, Inc., Vanguard Group Inc, and JPMorgan Chase & Co. Hedge funds collectively hold a significant 70% ownership.