Biglari Capital Corp.

Biglari Capital Corp. is an investment adviser founded in 2000 by Sardar Biglari, managing approximately $935 million in regulatory assets under management as of December 31, 2024, all on a discretionary basis. The firm serves as the general partner to The Lion Fund, L.P. and The Lion Fund II, L.P., engaging in various investment activities to maximize partners' net worth. Biglari Capital charges a performance allocation of 25% of net profits in excess of a hurdle rate, without a management fee. The firm's investment strategy focuses on seeking undervalued securities and allows investments in affiliates, with all decisions made by Mr. Biglari. Clients are accredited investors, with minimum investment amounts subject to change. The firm discloses risks, including potential losses, control investments, fraud risks, and market volatility. Biglari Capital is a fiduciary and has no disciplinary events. The firm's owner, Mr. Biglari, has affiliations with other entities, potentially leading to conflicts of interest. The firm has custody of client funds and maintains compliance with SEC regulations. Biglari Capital exercises investment discretion and has proxy voting responsibility. The firm has no financial impairments or bankruptcy history, and fees are not prepaid.