* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.
Person Signing this Report on Behalf of Reporting Manager:
Name
Title
City, State
Date
Sardar Biglari
Chairman and Chief Executive Officer
San Antonio, Texas
8/14/2025
The Lion Fund, L.P. holds 128,014.7 shares of Biglari Holdings Inc. Class A Common Stock with sole voting authority of all 128,014.7 shares. Biglari Capital Corp. holds 25,663.1 shares of Biglari Holdings Inc. Class A Common Stock with sole voting authority of all 25,663.1 shares. The table does not have space to show fractional shares, therefore the fractional shares have been rounded down to the nearest whole number.
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