13F-HR LIVE false false false 0001334429 XXXXXXXX 09-30-2020 09-30-2020 false BIGLARI CAPITAL CORP.

17802 IH 10 West, Suite 400 San Antonio TX 78257

13F HOLDINGS REPORT 028-15403 Y The Lion Fund, L.P. holds 36,571.7 shares of Biglari Holdings Inc. Class A Common Stock with sole voting authority of all 36,571.7 shares. Biglari Capital Corp. holds 25,663.1 shares of Biglari Holdings Inc. Class A Common Stock with sole voting authority of all 25,663.1 shares. The table does not have space to show fractional shares, therefore the fractional shares have been rounded to the nearest whole number. Sardar Biglari 210-344-3400 /s/ Sardar Biglari San Antonio TX 11-16-2020 3 16 497538 1 0001334430 028-14882 BIGLARI, SARDAR 2 0001334426 028-15398 LION FUND, L.P. 3 0001580602 028-16045 LION FUND II, L.P.