| Schedule of Lease Obligations |
Note payable and lines of credit include the following. | | | | | | | | | | | | | Current portion of note payable and lines of credit | June 30,
2026 | | December 31,
2025 | | Steak n Shake note payable | $ | 5,770 | | | $ | 5,820 | | | Biglari Holdings line of credit | 22,500 | | | 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 | |
Lease obligations include the following. | | | | | | | | | | | | | Current portion of lease obligations | June 30,
2026 | | December 31,
2025 | | Finance lease liabilities | $ | 1,110 | | | $ | 1,233 | | | Finance obligations | 3,977 | | | 4,486 | | | Operating lease liabilities | 7,049 | | | 8,227 | | | Total current portion of lease obligations | $ | 12,136 | | | $ | 13,946 | | | | | | | Long-term lease obligations | | | | | Finance lease liabilities | $ | 5,479 | | | $ | 6,157 | | | Finance obligations | 65,138 | | | 57,881 | | | Operating lease liabilities | 37,194 | | | 33,663 | | | Total long-term lease obligations | $ | 107,811 | | | $ | 97,701 | |
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| Schedule of Maturities of Long-Term Debt |
Expected principal payments for the Steak n Shake note payable as of June 30, 2026, are as follows.
| | | | | | | | | | Year | | | | Remainder of 2026 | | $ | 2,812 | | | 2027 | | 6,750 | | | 2028 | | 6,750 | | | 2029 | | 6,750 | | | 2030 | | 196,875 | | | Total Steak n Shake note payable | | 219,937 | | | Less unamortized debt issuance costs | | 3,936 | | | Total Steak n Shake note payable, net | | $ | 216,001 | |
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