Item 2. Properties
Item 2. Properties
Restaurant Properties
As of December 31, 2025, restaurant operations included 435 company-operated and franchise locations. Restaurant operations own the land and building for 138 restaurants. The following table lists the locations of the restaurants as of December 31, 2025.
Steak n Shake Western Sizzlin
Company
Operated Franchise
Partner Traditional
Franchise Company
Operated Franchise Total
Domestic:
Alabama 1 1 2 — 4 8
Arkansas — — 3 — 5 8
California — — 2 — — 2
Colorado 1 — — — — 1
Florida 16 57 4 — — 77
Georgia 5 12 11 — 3 31
Illinois 34 15 7 — — 56
Indiana 27 25 — — — 52
Iowa 2 1 1 — — 4
Kentucky 2 10 5 — — 17
Louisiana — — 1 — — 1
Maryland — — — — 1 1
Michigan 7 6 1 — — 14
Mississippi — — 4 — 1 5
Missouri 5 14 18 — — 37
Nebraska — — 1 — — 1
Nevada — — 4 — — 4
North Carolina 1 5 1 — 6 13
Ohio 22 18 1 — 1 42
Oklahoma — — 1 — 1 2
Pennsylvania 1 — — — — 1
South Carolina 1 — 2 — 1 4
Tennessee — 8 4 — 3 15
Texas 1 7 3 — — 11
Virginia — — 4 2 2 8
West Virginia — — 2 1 — 3
International:
France 3 — 12 — — 15
Monaco 1 — — — — 1
Spain 1 — — — — 1
Total 131 179 94 3 28 435
As of December 31, 2025, seven of the 131 Steak n Shake company-operated stores were closed. Of the seven locations, Steak n Shake plans to reopen two locations and sell or lease five locations.
10
Table of Contents
Other Properties
Southern Oil primarily operates oil and natural gas wells in Louisiana. Its operations are primarily offshore in Louisiana state waters.
Abraxas Petroleum operates oil and natural gas wells in the Permian Basin.
Through its subsidiaries, the Company owns Steak n Shake’s office building in Indianapolis, Indiana; First Guard’s office building in Venice, Florida; and Southern Pioneer’s office building in Jonesboro, Arkansas. In addition, the Company owns seven various locations that are being leased or are available to be leased by third parties, along with owning one undeveloped property in San Antonio, Texas.
Item 3. Legal Proceedings
Refer to Commitments and Contingencies - Note 14 to the Consolidated Financial Statements included in Item 8 for a discussion of legal proceedings.
Item 4. Mine Safety Disclosures
Not applicable.
Part II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.