CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 32,766	$ 30,709
Investments	104,541	102,975
Receivables	21,082	25,184
Inventories	4,371	4,031
Other current assets	11,521	7,716
Total current assets	174,281	170,615
Property and equipment	365,262	376,155
Operating lease assets	35,506	34,011
Goodwill and other intangible assets	76,244	75,316
Investment partnerships	202,893	201,727
Other assets	9,393	8,309
Total assets	863,579	866,133
Current liabilities:
Accounts payable and accrued expenses	56,418	63,381
Losses and loss adjustment expenses	17,203	17,250
Unearned premiums	18,412	17,236
Current portion of lease obligations	15,054	14,449
Line of credit	19,000	35,000
Total current liabilities	126,087	147,316
Lease obligations	91,384	90,739
Deferred taxes	40,768	29,393
Line of credit	0	10,000
Asset retirement obligations	15,549	15,218
Other liabilities	505	506
Total liabilities	274,293	293,172
Shareholders’ equity
Common stock	1,138	1,138
Additional paid-in capital	385,594	385,594
Retained earnings	645,355	627,699
Accumulated other comprehensive loss	(1,392)	(2,872)
Treasury stock, at cost	(441,409)	(438,598)
Biglari Holdings Inc. shareholders’ equity	589,286	572,961
Total liabilities and shareholders’ equity	$ 863,579	$ 866,133