A portion of the US holdings for this investor are reported in this report and a portion are reported by other reporting manager(s). Top holdings included RACE, KO, WYNN, LOCO, and TSM.
* 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
Individually
San Antonio, Texas
8/14/2025
List of Other Managers Reporting for Sardar Biglari:
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