2 unchanged sentences
Consolidated cash and investments are summarized below.
+Added: September 30,
2025 December 31, 2024
8 unchanged sentences
Consolidated cash flow activities are summarized below.
−Removed: First Six Months
+Added: First Nine Months
Net cash provided by operating activities $ 89,188 $ 31,665
Net cash used in investing activities (36,200) (34,916)
−Removed: Net cash used in financing activities (28,778) (2,691)
+Added: Net cash provided by financing activities 188,722 4,869
Effect of exchange rate changes on cash 54 (42)
−Removed: Decrease in cash, cash equivalents and restricted cash $ 2,045 $ (1,374)
+Added: Increase in cash, cash equivalents and restricted cash $ 241,764 $ 1,576
In 2025, cash from operating activities increased by $57,523 as compared to 2024.
1 unchanged sentence
Cash used in investing activities increased during 2025 by $1,284 as compared to 2024 primarily due to a reduction in proceeds from the sale of property and equipment.
−Removed: Cash used in financing activities increased during 2025 by $26,087 as compared to 2024 primarily due to payments on the Company’s line of credit in 2025.
−Removed: Biglari Holdings Lines of Credit
+Added: Cash provided by financing activities increased during 2025 by $183,853 as compared to 2024 primarily due to a note payable of $225,000 to Steak n Shake on September 30, 2025.
+Added: Biglari Holdings Line of Credit
Biglari Holdings’ line of credit was amended on September 13, 2024, and the available line of credit was increased to $35,000.
1 unchanged sentence
The line of credit includes customary covenants, as well as financial maintenance covenants.
−Removed: As of June 30, 2025, we were in compliance with all covenants.
−Removed: The balance on the line of credit was $19,000 and $35,000 on June 30, 2025 and December 31, 2024, respectively.
+Added: As of September 30, 2025, we were in compliance with all covenants.
+Added: The balance on the line of credit was $15,000 and $35,000 on September 30, 2025 and December 31, 2024, respectively.
On November 8, 2024, Biglari Holdings entered into a line of credit in an aggregate principal amount of up to $75,000.
−Removed: The line of credit will be available on a revolving basis until November 7, 2027.
−Removed: The line of credit includes customary covenants as well as financial maintenance covenants.
−Removed: As of June 30, 2025, we were in compliance with all covenants.
−Removed: The balance on the line of credit was $10,000 on December 31, 2024.
−Removed: As of June 30, 2025, Biglari Holdings had no debt outstanding on its line of credit.
+Added: The line of credit was terminated on September 29, 2025.
+Added: Steak n Shake Note Payable
+Added: On September 30, 2025, Steak n Shake obtained a loan of $225,000.
+Added: The term of the loan is five years, with an interest rate fixed at 8.8% per annum, and the loan will be amortized at a rate of 3.0% per annum.
+Added: The loan includes customary covenants as well as financial maintenance covenants and customary events of default.
+Added: The debt is an obligation of Steak n Shake and the proceeds from the loan were distributed to Biglari Holdings.
+Added: All of the debt is secured by real estate owned by Steak n Shake.
Western Sizzlin Revolver
Western Sizzlin’s available line of credit is $500.
−Removed: As of June 30, 2025 and December 31, 2024, Western Sizzlin had no debt outstanding on its revolver.
+Added: As of September 30, 2025 and December 31, 2024, Western Sizzlin had no debt outstanding on its revolver.
Critical Accounting Policies
18 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.