# EDGAR Filing Document

**Accession Number:** 0001334429
**File Stem:** 0000921895-25-002524
**Filing Date:** 2025-9
**Character Count:** 23680
**Document Hash:** 14f53dce249dbe9f209d61935acc7f48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-25-002524.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0000921895-25-002524

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BIGLARI CAPITAL CORP.
- **CENTRAL INDEX KEY:** 0001334429

**ORGANIZATION NAME:**
- **EIN:** 742975855
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15403
- **FILM NUMBER:** 251287496

**BUSINESS ADDRESS:**
- **STREET 1:** 19100 RIDGEWOOD PKWY, SUITE 1200
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78259
- **BUSINESS PHONE:** (210) 344-3400

**MAIL ADDRESS:**
- **STREET 1:** 19100 RIDGEWOOD PKWY, SUITE 1200
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78259

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001334429

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** BIGLARI CAPITAL CORP.

**Address:** 19100 RIDGEWOOD PKWY, SUITE 1200, SAN ANTONIO, TX 78259

**Telephone number:** 210-344-3400

**Name of agent for service:** Bruce Lewis

**Agent Address:** Biglari Capital Corp., San Antonio, TX 78259

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-15403

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 3

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                               | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                            | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Advance Auto Parts, Inc.                     | 00751Y106 | 05/14/2025     | Approve, by advisory vote, the compensation of our named executive officers.                                                                                                | SECTION 14A SAY-ON-PAY VOTES |            200 |                0 | FOR         |                                      200 | FOR                         |  |
| Amentum Holdings, Inc.                       | 023939101 | 03/05/2025     | Advisory vote to approve the Company's named executive officer compensation.                                                                                                | SECTION 14A SAY-ON-PAY VOTES |             31 |                0 | FOR         |                                       31 | FOR                         |  |
| Amentum Holdings, Inc.                       | 023939101 | 03/05/2025     | Advisory vote on the frequency of the advisory vote to approve the Company's named executive officer compensation.                                                          | SECTION 14A SAY-ON-PAY VOTES |             31 |                0 | 1-YR        |                                       31 | FOR                         |  |
| Ameriprise Financial, Inc.                   | 03076C106 | 04/30/2025     | To approve the compensation of the named executive officers by a nonbinding advisory vote.                                                                                  | SECTION 14A SAY-ON-PAY VOTES |             10 |                0 | FOR         |                                       10 | FOR                         |  |
| Automatic Data Processing, Inc.              | 053015103 | 11/06/2024     | Advisory Vote on Executive Compensation.                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |             25 |                0 | FOR         |                                       25 | FOR                         |  |
| Bausch Health Companies Inc.                 | 071734107 | 05/13/2025     | To approve, in an advisory vote, of the compensation of our Named Executive Officers.                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         295000 |                0 | FOR         |                                   295000 | FOR                         |  |
| Biglari Holdings Inc.                        | 08986R408 | 04/16/2025     | Non-binding advisory resolution to approve the Corporation's executive compensation, as described in the proxy materials.                                                   | SECTION 14A SAY-ON-PAY VOTES |         128015 |                0 | FOR         |                                   128015 | FOR                         |  |
| Biglari Holdings Inc.                        | 08986R408 | 04/16/2025     | Non-binding advisory resolution to determine the frequency with which shareholders of the Corporation shall be entitled to have an advisory vote on executive compensation. | SECTION 14A SAY-ON-PAY VOTES |         128015 |                0 | 3-YR        |                                   128015 | FOR                         |  |
| Brown  Brown, Inc.                           | 115236101 | 05/07/2025     | To approve, on an advisory basis, the compensation of named executive officers.                                                                                             | SECTION 14A SAY-ON-PAY VOTES |             40 |                0 | FOR         |                                       40 | FOR                         |  |
| Build-a-Bear Workshop, Inc.                  | 120076104 | 06/12/2025     | To approve, by non-binding vote, executive compensation.                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |             10 |                0 | FOR         |                                       10 | FOR                         |  |
| CarMax, Inc.                                 | 143130102 | 06/24/2025     | To approve, in an advisory (non-binding) vote, the compensation of our named executive officers.                                                                            | SECTION 14A SAY-ON-PAY VOTES |           6520 |                0 | FOR         |                                     6520 | FOR                         |  |
| CarMax, Inc.                                 | 143130102 | 06/24/2025     | To approve, in an advisory (non-binding) vote, the compensation of our named executive officers.                                                                            | SECTION 14A SAY-ON-PAY VOTES |         118900 |                0 | FOR         |                                   118900 | FOR                         |  |
| ChampionX Corporation                        | 15872M104 | 06/10/2025     | Advisory Vote to Approve the Compensation of ChampionX's Named Executive Officers for 2024                                                                                  | SECTION 14A SAY-ON-PAY VOTES |             12 |                0 | FOR         |                                       12 | FOR                         |  |
| The Coca-Cola Company                        | 191216100 | 04/30/2025     | Advisory vote to approve executive compensation                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |             20 |                0 | FOR         |                                       20 | FOR                         |  |
| The Coca-Cola Company                        | 191216100 | 04/30/2025     | Advisory vote to approve executive compensation                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | FOR         |                                      100 | FOR                         |  |
| Costco Wholesale Corporation                 | 22160K105 | 01/23/2025     | Approval, on an advisory basis, of executive compensation.                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |             10 |                0 | FOR         |                                       10 | FOR                         |  |
| Cracker Barrel Old Country Store, Inc.       | 22410J106 | 11/21/2024     | To approve, on an advisory basis, the compensation of the Company's named executive officers as disclosed in the proxy statement that accompanies this notice.              | SECTION 14A SAY-ON-PAY VOTES |        2000000 |                0 | AGAINST     |                                  2000000 | AGAINST                     |  |
| Dover Corporation                            | 260003108 | 05/02/2025     | To approve, on an advisory basis, named executive officer compensation.                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |             25 |                0 | FOR         |                                       25 | FOR                         |  |
| El Pollo Loco Holdings, Inc.                 | 268603107 | 05/29/2025     | Approval, on an Advisory (Non-Binding) Basis, of the Compensation of our Named Executive Officers.                                                                          | SECTION 14A SAY-ON-PAY VOTES |        4000000 |                0 | FOR         |                                  4000000 | FOR                         |  |
| Electronic Arts Inc.                         | 285512109 | 08/14/2025     | Advisory vote to approve named executive officer compensation.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | FOR         |                                      100 | FOR                         |  |
| Ethan Allen Interiors Inc.                   | 297602104 | 11/06/2024     | To approve, by a non-binding advisory vote, executive compensation of the Company's Named Executive Officers.                                                               | SECTION 14A SAY-ON-PAY VOTES |             50 |                0 | FOR         |                                       50 | FOR                         |  |
| Expeditors International of Washington, Inc. | 302130109 | 05/06/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |              1 |                0 | FOR         |                                        1 | FOR                         |  |
| Fastenal Company                             | 311900104 | 04/24/2025     | Approval, by non-binding vote, of executive compensation.                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |            400 |                0 | FOR         |                                      400 | FOR                         |  |
| The Goldman Sachs Group, Inc.                | 38141G104 | 04/23/2025     | Advisory Vote to Approve Executive Compensation (Say on Pay)                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | FOR         |                                      100 | FOR                         |  |
| Good Times Restaurants Inc.                  | 382140879 | 02/20/2025     | Advisory vote on the frequency of future advisory votes to approve the Compensation of the Company's Named Executive Officers.                                              | SECTION 14A SAY-ON-PAY VOTES |            190 |                0 | 2-YR        |                                      190 | FOR                         |  |
| Investors Title Co                           | 461804106 | 05/21/2025     | Advisory proposal to approve named executive officer compensation.                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |              1 |                0 | FOR         |                                        1 | FOR                         |  |
| Investors Title Co                           | 461804106 | 05/21/2025     | Advisory proposal on the frequency of future advisory votes to approve the compensation paid to our named executive officers.                                               | SECTION 14A SAY-ON-PAY VOTES |              1 |                0 | 3-YR        |                                        1 | FOR                         |  |
| Jack in the Box Inc.                         | 466367109 | 02/28/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         542700 |                0 | FOR         |                                   542700 | FOR                         |  |
| Jack in the Box Inc.                         | 466367109 | 02/28/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         531183 |                0 | FOR         |                                   531183 | FOR                         |  |
| Jacobs Solutions Inc.                        | 46982L108 | 01/29/2025     | Advisory vote to approve the Company's executive compensation.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |             30 |                0 | FOR         |                                       30 | FOR                         |  |
| Jefferies Financial Group Inc.               | 47233W109 | 03/27/2025     | Advisory vote to approve 2024 executive-compensation program.                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |              1 |                0 | FOR         |                                        1 | FOR                         |  |
| Knowles Corporation                          | 49926D109 | 04/29/2025     | Non-binding, advisory vote to approve named executive officer compensation.                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |             12 |                0 | FOR         |                                       12 | FOR                         |  |
| The LGL Group, Inc.                          | 50186A108 | 06/02/2025     | To approve a non-binding advisory resolution regarding the compensation of our Named Executive Officers.                                                                    | SECTION 14A SAY-ON-PAY VOTES |             10 |                0 | FOR         |                                       10 | FOR                         |  |
| Marathon Petroleum Corporation               | 56585A102 | 04/30/2025     | Approval, on an advisory basis, of the company's named executive officer compensation.                                                                                      | SECTION 14A SAY-ON-PAY VOTES |              1 |                0 | FOR         |                                        1 | FOR                         |  |
| Mastercard Incorporated                      | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |             10 |                0 | FOR         |                                       10 | FOR                         |  |
| M-tron Industries, Inc.                      | 55380K109 | 06/10/2025     | To approve a non-binding advisory resolution regarding the compensation of our Named Executive Officers.                                                                    | SECTION 14A SAY-ON-PAY VOTES |              5 |                0 | FOR         |                                        5 | FOR                         |  |
| Netflix, Inc.                                | 64110L106 | 06/05/2025     | Advisory approval of named executive officer compensation.                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |              7 |                0 | FOR         |                                        7 | FOR                         |  |
| O'Reilly Automotive, Inc.                    | 67103H107 | 05/15/2025     | Advisory vote to approve executive compensation.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |            150 |                0 | FOR         |                                      150 | FOR                         |  |
| Prestige Consumer Healthcare Inc.            | 74112D101 | 08/05/2025     | Say on Pay - An advisory vote on the resolution to approve the compensation of Prestige Consumer Healthcare Inc.'s named executive officers.                                | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | FOR         |                                      100 | FOR                         |  |
| PriceSmart, Inc.                             | 741511109 | 02/06/2025     | To approve, on an advisory basis, the compensation of the Company's executive officers for fiscal year 2024.                                                                | SECTION 14A SAY-ON-PAY VOTES |            500 |                0 | FOR         |                                      500 | FOR                         |  |
| RenaissanceRe Holdings Ltd.                  | G7496G103 | 05/06/2025     | To approve, by a non-binding advisory vote, the compensation of the named executive officers of RenaissanceRe Holdings Ltd. as disclosed in the proxy statement.            | SECTION 14A SAY-ON-PAY VOTES |             25 |                0 | FOR         |                                       25 | FOR                         |  |
| Rocky Mountain Chocolate Factory, Inc.       | 77467X101 | 08/23/2024     | Approve, on an advisory basis, the compensation of our named executive officers.                                                                                            | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | FOR         |                                      100 | FOR                         |  |
| Team, Inc.                                   | 878155308 | 06/18/2025     | Advisory vote on Named Executive Officer compensation.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |              2 |                0 | FOR         |                                        2 | FOR                         |  |
| Upbound Group, Inc.                          | 76009N100 | 06/03/2025     | To approve, by non-binding vote, compensation of the named executive officers for the year ended December 31, 2024                                                          | SECTION 14A SAY-ON-PAY VOTES |             10 |                0 | FOR         |                                       10 | FOR                         |  |
| Verisk Analytics, Inc.                       | 92345Y106 | 05/20/2025     | To approve executive compensation on an advisory, non-binding basis.                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | FOR         |                                      100 | FOR                         |  |
| Walgreens Boots Alliance, Inc.               | 931427108 | 01/30/2025     | Advisory vote to approve named executive officer compensation.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |             10 |                0 | FOR         |                                       10 | FOR                         |  |
| The Wendy's Company                          | 95058W100 | 05/21/2025     | Advisory resolution to approve executive compensation.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | FOR         |                                      100 | FOR                         |  |
| WW International, Inc.                       | 98262P101 | 06/06/2025     | The advisory vote to approve the Company's named executive officer compensation.                                                                                            | SECTION 14A SAY-ON-PAY VOTES |             20 |                0 | FOR         |                                       20 | FOR                         |  |
| Wynn Resorts, Limited                        | 983134107 | 04/30/2025     | To approve, on a non-binding advisory basis, the compensation of our named executive officers as described in the Proxy Statement.                                          | SECTION 14A SAY-ON-PAY VOTES |           9401 |                0 | FOR         |                                     9401 | FOR                         |  |
| Wynn Resorts, Limited                        | 983134107 | 04/30/2025     | To approve, on a non-binding advisory basis, the compensation of our named executive officers as described in the Proxy Statement.                                          | SECTION 14A SAY-ON-PAY VOTES |         129400 |                0 | FOR         |                                   129400 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** BIGLARI CAPITAL CORP.

**By (Signature):** /s/ Sardar Biglari

**By (Printed Signature):** /s/ Sardar Biglari

**By (Title):** Chairman and Chief Executive Officer

**Date:** 09/02/2025