SCHEDULE 13D/A

Biglari Holdings, Inc.

Class A Common Stock, No Par Value · CUSIP: 08986R408

Event date: 2024-12-17

Reporting persons may disclose overlapping interests. Their amounts are shown individually and are not added into a filing total.

Filing-level shares

Unavailable

Percent of class

Unavailable

• BIGLARI, SARDARReported CIK 0001334430

  Shares: 153,677.90 · Class: 74.3%

• LION FUND, L.P.Reported CIK 0001334426

  Shares: 128,014.70 · Class: 61.9%

• BIGLARI CAPITAL CORP.Reported CIK 0001334429

  Shares: 153,677.80 · Class: 74.3%

Amounts are as disclosed in this filing. Schedule type alone does not establish investment intent.