v3.26.1
Note Payable and Lines of Credit
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Note Payable and Lines of Credit Note Payable and Lines of Credit
Note payable and lines of credit include the following.
Current portion of note payable and lines of creditJune 30,
2026		December 31,
2025
Steak n Shake note payable$5,770 $5,820 
Biglari Holdings line of credit22,500 27,250 
Total current portion of note payable and lines of credit$28,270 $33,070 
Long-term portion of note payable
Steak n Shake note payable$210,231 $213,920 
Biglari Holdings Line of Credit
Biglari Holdings’ line of credit is $35,000 and matures on September 13, 2026. The line of credit includes customary covenants, as well as financial maintenance covenants. Our interest rate was 6.4% and 6.7% on June 30, 2026 and December 31, 2025, respectively.

Steak n Shake Note Payable
On September 30, 2025, Steak n Shake obtained a loan of $225,000. 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. The loan includes customary covenants as well as financial maintenance covenants and customary events of default. The debt is an obligation of Steak n Shake and the proceeds from the loan were distributed to Biglari Holdings. All of the debt is secured by real estate owned by Steak n Shake.
Expected principal payments for the Steak n Shake note payable as of June 30, 2026, are as follows.

Year
Remainder of 2026$2,812 
20276,750 
20286,750 
20296,750 
2030196,875 
Total Steak n Shake note payable219,937 
Less unamortized debt issuance costs3,936 
Total Steak n Shake note payable, net$216,001 
Western Sizzlin Revolver
Western Sizzlin’s available line of credit is $500. As of June 30, 2026 and December 31, 2025, there was no debt outstanding under its revolver.