Biglari Holdings is a holding company run by founder Sardar Biglari, who centrally manages capital allocation across a mix of operating businesses and investment partnerships. The core business is restaurants, primarily Steak n Shake, a classic American fast-casual chain founded in 1934 and known for its Steakburgers and milkshakes. As of year-end 2025, Steak n Shake operated 131 company-owned restaurants and 273 franchise units, alongside the much smaller Western Sizzlin steak and buffet chain with 31 units. Steak n Shake's franchise partner program is distinctive: franchisees pay a modest upfront fee, and Steak n Shake collects up to 15% of sales plus 50% of profits, giving it meaningful participation in franchise unit economics beyond a typical royalty arrangement. Beyond restaurants, Biglari Holdings operates property and casualty insurance (First Guard for commercial truck insurance and Southern Pioneer for garage and homeowners coverage), oil and gas (offshore Louisiana and the Permian Basin), and brand licensing through Maxim. The company also holds a significant investment portfolio through two private partnerships, The Lion Fund and The Lion Fund II, plus additional marketable securities, making Biglari Holdings function as part operating company and part investment vehicle — a structure similar in concept to Berkshire Hathaway, though far smaller in scale.