# Biglari Holdings

Biglari Holdings is an Asset Manager based in San Antonio, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** San Antonio, United States
- **Region:** North America
- **Address:** San Antonio, TX, United States
- **Founded:** 1934
- **Assets under management:** Undisclosed
- **Website:** biglariholdings.com
- **LinkedIn:** https://www.linkedin.com/company/biglari-holdings-inc

## Regulatory record

- **CRD number:** 115197
- **SEC file number:** 801-78141
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/115197

## About

Biglari Holdings Inc. is a SEC-registered investment adviser in San Antonio, TX, registered since 2013. The firm manages approximately $1.0 billion in assets. It has 4 employees and 1 investment adviser.

## Sectors

- Restaurants & Hospitality
- Insurance
- Oil & Gas
- Media & Entertainment

## People

- Sardar Biglari — Chairman and CEO

## Questions

### How does Sardar Biglari structure his compensation at Biglari Holdings?

Biglari has no cash salary. Under a shareholder-approved incentive agreement, he receives a percentage of the increase in per-share book value above a 6% hurdle rate. This aligns his compensation directly with long-term intrinsic value growth, not with assets under management or fee generation.

### What is the relationship between Biglari Holdings and The Lion Fund?

The Lion Fund is a private investment vehicle Sardar Biglari controlled before gaining full operational command of Steak 'n Shake. It historically served as a staging ground for activist positions — his Cracker Barrel stake originated there — before Biglari Holdings became the primary listed permanent-capital vehicle. The two entities have at times shared overlapping holdings.

### Does Biglari Holdings manage outside capital?

No. Biglari Holdings does not operate as an asset manager for external clients or report a fee-based AUM. It functions as a publicly traded operating company and investment holding vehicle, generating investment capital from wholly-owned insurance float and retained restaurant earnings.

### What was the outcome of Biglari's activist campaign at Cracker Barrel?

Sardar Biglari waged a public and contentious proxy fight for board seats at Cracker Barrel Old Country Store beginning in 2011, seeking operational changes and a real-estate spin-off. He failed to win board representation, and in 2022 Biglari Holdings reduced its Cracker Barrel stake through a share-repurchase agreement, effectively unwinding the position after more than a decade.

### How does the insurance operation support the investment activity?

First Guard Insurance writes commercial trucking policies, generating underwriting profits and a pool of premium float. Biglari Holdings deploys that float — alongside restaurant operating cash flow — into concentrated public-equity positions and acquisitions, replicating the Berkshire Hathaway model of using insurance liabilities as cost-advantaged investment leverage.

### What is the dual-class voting structure at Biglari Holdings?

Biglari Holdings maintains a dual-class share structure where Class B shares carry voting power disproportionate to their economic interest, concentrating control with Sardar Biglari. The structure and a related tender exchange offer in the mid-2010s prompted shareholder litigation and dissension, ultimately resolved with Biglari retaining consolidated voting control.

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Last updated: 2026-06-03T20:00:00.000Z

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