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| # | Issuer | Value | Shares | % Portfolio |
|---|---|---|---|---|
| 1 | BIGLARI HLDGS INC | $443.4M | 1345430 | 52.08% |
| 2 | BIGLARI HLDGS INC | $224.5M | 128811 | 26.36% |
| 3 | FERRARI N V | $95.8M | 283181 | 11.26% |
| 4 | EL POLLO LOCO HLDGS INC | $55.4M | 4000000 | 6.51% |
| 5 | WYNN RESORTS LTD | $13.6M | 134400 | 1.60% |
| 6 | JACK IN THE BOX INC | $11.0M | 1140952 | 1.30% |
| 7 | CARMAX INC | $4.9M | 118900 | 0.58% |
| 8 | BERKSHIRE HATHAWAY INC DEL | $1.4M | 2 | 0.17% |
| 9 | CRACKER BARREL OLD CTRY STOR | $1.0M | 35859 | 0.12% |
| 10 | BAUSCH HEALTH COS INC | $222K | 41070 | 0.03% |
| 11 | TAIWAN SEMICONDUCTOR MANUFAC | $34K | 100 | 0.00% |
| 12 | COCA COLA CO | $8K | 100 | 0.00% |
Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.