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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 FORM 10 - K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 , 2020 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38477 BIGLARI HOLDINGS INC . ( Exact name of registrant as specified in its charter ) Indiana ( State or other jurisdiction of incorporation ) 17802 IH 10 West , Suite 400 82-3784946 ( I.R.S. Employer Identification No. ) San Antonio , Texas ( Address of principal executive offices ) Title of each class ( 210 ) 344-3400 Registrant's telephone number , including area code Securities registered pursuant to Section 12 ( b ) of the Act : Class A Common Stock , no par value Class B Common Stock , no par value Trading Symbols ВН.А BH 78257 ( Zip Code ) Name of each exchange on which registered Securities registered pursuant to Section 12 ( g ) of the Act : NONE New York Stock Exchange New York Stock Exchange No x Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Yes Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Act . Yes " No x Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes x No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( Section 232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . Yes x No Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , a smaller reporting company , or an emerging growth company . See the definitions of “ large accelerated filer , ” “ accelerated filer , ” “ smaller_reporting company ” and “ emerging growth company ” in Rule 12b - 2 of the Exchange Act . ( Check one ) : Large accelerated filer Accelerated filer x Non - accelerated filer Smaller reporting company Emerging growth company If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . " Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . x Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Exchange Act ) . Yes " No x The aggregate market value of the voting and non - voting common stock held by non - affiliates of the registrant as of June 30 , 2020 was approximately $ 88,264,442 .