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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Earnings per share of common stock is based
on the weighted average number of shares outstanding during the year. The shares of Company stock attributable to our limited partner
interest in The Lion Fund, L.P. and The Lion Fund II, L.P. (collectively, the “investment partnerships”) — based
on our proportional ownership during this period — are considered treasury stock on the consolidated balance sheet and thereby
deemed not to be included in the calculation of weighted average common shares outstanding. However, these shares are legally
outstanding.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents shares authorized,
issued and outstanding on March 31, 2020 and December 31, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">March
31, 2020</font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="7" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Class
A</font></td><td style="padding-bottom: 1pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Class
B</font></td><td style="padding-bottom: 1pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Class
A</font></td><td style="padding-bottom: 1pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Class
B</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 40%; text-align: left; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Common
stock authorized</font></td><td style="width: 3%; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">500,000</font></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 3%; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,000,000</font></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 3%; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">500,000</font></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 3%; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,000,000</font></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Common
stock issued and outstanding</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">206,864</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,068,640</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">206,864</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,068,640</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The
Company has applied the “two-class method” of computing earnings per share as prescribed in ASC 260, “Earnings
Per Share.” </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On an equivalent Class A common stock basis,
there were 620,592 shares outstanding as of March 31, 2020 and December 31, 2019. There are no dilutive securities outstanding.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For financial reporting purposes, the proportional
ownership of the Company’s common stock owned by the investment partnerships is excluded in the earnings per share calculation.
After giving effect for the investment partnerships’ proportional ownership of common stock, the equivalent Class A weighted
average number of common shares during the first quarters of 2020 and 2019 were 344,391 and 346,223, respectively.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Available for sale investments were $76,789
and $40,393 as of March 31, 2020 and December 31, 2019, respectively. Investments in equity securities and a related derivative
position of $4,463 are also included in investments. The investments are recorded at fair value. The fair value of investments
acquired with Southern Pioneer was $36,876.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reports on the limited partnership
interests in investment partnerships under the equity method of accounting. We record our proportional share of equity in
the investment partnerships but exclude Company common stock held by said partnerships. The Company’s pro-rata share
of its common stock held by the investment partnerships is recorded as treasury stock even though they are legally outstanding. 
The Company records gains/losses from investment partnerships (inclusive of the investment partnerships’ unrealized gains
and losses on their securities) in the consolidated statements of earnings based on our carrying value of these partnerships. The
fair value is calculated net of the general partner’s accrued incentive fees. Gains and losses on Company common stock included
in the earnings of these partnerships are eliminated because they are recorded as treasury stock. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Biglari Capital Corp. (“Biglari
Capital”) is the general partner of the investment partnerships and is an entity solely owned by Mr. Biglari.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value and adjustment for Company common
stock held by the investment partnerships to determine the carrying value of our partnership interest is presented below.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Fair
Value</font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Company
Common Stock</font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Carrying
Value</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 46%"><font style="font: 8pt Times New Roman, Times, Serif">Partnership interest at December
31, 2019</font></td><td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">666,123</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">160,581</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 5%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">505,542</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Investment partnership
gains (losses)</font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(261,708</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(85,966</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(175,742</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Contributions (net of
distributions) to investment partnerships</font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,200</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,200</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Increase
in proportionate share of Company stock held</font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,089</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,089</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Partnership interest
at March 31, 2020</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">392,215</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">73,526</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">318,689</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Fair
Value</font></td><td style="padding-bottom: 1pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Company
Common Stock</font></td><td style="padding-bottom: 1pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Carrying
Value</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td><font style="font: 8pt Times New Roman, Times, Serif">Partnership interest at December 31, 2018</font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">715,102</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">157,622</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">557,480</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">Investment partnership
gains</font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">73,096</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">38,942</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34,154</font></td><td style="text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Increase
in proportionate share of Company stock held</font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">114</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(114</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Partnership interest
at March 31, 2019</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">788,198</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">196,678</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">591,520</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The
carrying value of the investment partnerships net of deferred taxes is presented below.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">March
31, <br /> 2020</font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December
31, 2019</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%"><font style="font: 8pt Times New Roman, Times, Serif">Carrying value of investment
partnerships</font></td><td style="width: 8%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">318,689</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="width: 8%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">505,542</font></td><td style="width: 1%; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
tax liability related to investment partnerships</font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17,893</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td><td style="padding-bottom: 1pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(56,518</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Carrying
value of investment partnerships net of deferred taxes</font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">300,796</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 2.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">449,024</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s proportionate share of Company
stock held by investment partnerships at cost is $373,768 and $374,857 at March 31, 2020 and December 31, 2019, respectively, and
is recorded as treasury stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying value of the partnership interest
approximates fair value adjusted by the value of held Company stock. Fair value is according to our proportional ownership interest
of the fair value of investments held by the investment partnerships. The fair value measurement is classified as level 3 within
the fair value hierarchy.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Gains/losses from investment partnerships recorded in the Company’s
consolidated statements of earnings are presented below.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> First
Quarter </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2020</font></td><td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2019</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%; text-align: left"><font style="font-size: 8pt">Gains (losses) on investment partnership</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">(175,742</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">34,154</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Tax expense (benefit)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(41,383</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">7,917</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Net earnings (loss)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(134,359</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">26,237</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31 of each year, the general partner
of the investment partnerships, Biglari Capital, will earn an incentive reallocation fee for the Company’s investments equal
to 25% of the net profits above an annual hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an
estimated incentive fee throughout the year. The total incentive reallocation from Biglari Holdings to Biglari Capital includes
gains on the Company’s common stock. Gains and losses on the Company’s common stock and the related incentive reallocations
are eliminated in our financial statements. Our investments in these partnerships are committed on a rolling 5-year basis.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">There were no incentive reallocations from Biglari Holdings to Biglari
Capital during the first quarters of 2020 and 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i></i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Summarized financial information for The Lion Fund, L.P. and The
Lion Fund II, L.P. is presented below.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%">
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Equity
in Investment Partnerships</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Lion
Fund</font></td><td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Lion
Fund II</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 48%"><font style="font-size: 8pt">Total assets as of March 31, 2020</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">71,735</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">393,855</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td><font style="font-size: 8pt">Total liabilities as of March 31, 2020</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">682</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">27,384</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Revenue for the first quarter ended March 31, 2020</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(45,894</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(248,460</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Earnings for the first quarter ended March 31, 2020</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(45,910</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(249,573</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td><font style="font-size: 8pt">Biglari Holdings’ ownership interest as of March 31, 2020</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">66.1</font></td><td style="text-align: left"><font style="font-size: 8pt">%</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">93.1</font></td><td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font: 11pt Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td><font style="font-size: 8pt">Total assets as of December 31, 2019</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">117,135</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">758,663</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td><font style="font-size: 8pt">Total liabilities as of December 31, 2019</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">158</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">114,639</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Revenue for the first quarter ended March 31, 2019</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">19,764</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">67,550</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Earnings for the first quarter ended March 31, 2019</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">19,748</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">65,102</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td><font style="font-size: 8pt">Biglari Holdings’ ownership interest as of March 31, 2019</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">66.1</font></td><td style="text-align: left"><font style="font-size: 8pt">%</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">92.2</font></td><td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">  </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue in the above summarized financial information
of the investment partnerships includes investment income and unrealized gains and losses on investments.</p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment is composed of the following.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">March 31, 2020</font></td>
<td> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December 31, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 58%"><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
<td style="width: 8%"> </td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">150,345</font></td>
<td style="width: 1%"> </td>
<td style="width: 8%"> </td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">150,147</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Buildings</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">140,480</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">144,243</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Land and leasehold improvements</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">150,861</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">157,141</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Equipment</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">196,654</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">196,264</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Oil and gas properties</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">78,435</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">77,475</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Construction in progress</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,737</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,789</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">720,512</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">729,059</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Less accumulated depreciation and amortization</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(382,887</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(378,432</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Property and equipment, net</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">337,625</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">350,627</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depletion expense related to oil and gas properties
was $4,737 during the first quarter of 2020 and is included in depreciation and amortization within the consolidated statement
of earnings.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The COVID-19 pandemic had an adverse effect
on our restaurant operations, thereby resulting in the evaluation of company-operated restaurants for recoverability. Consequently,
the Company recorded impairment charges of $10,300 for the first quarter of 2020 because of the decision to permanently close 51
Steak n Shake restaurants as well as the expected impact of the COVID-19 pandemic on the future operating performance of other
company-operated restaurants. The Company recorded an impairment to long-lived assets of $1,900 in the first quarter of 2019 primarily
related to Steak n Shake closed stores. The fair value of the long-lived assets was determined based on Level 3 inputs using a
discounted cash flow model.<br />
<br />
</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The COVID-19 pandemic has caused oil demand
to significantly decrease, creating oversupplied markets, and resulting in lower commodity prices and margins. The Company evaluated
the potential impact on its oil and gas properties, but concluded they were not impaired during the first quarter of 2020. However,
protracted low commodity prices may require impairments in future periods.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The duration and extent of the COVID-19 pandemic
cannot be reasonably estimated at this time. The risks and uncertainties resulting from the pandemic may lead to future impairment
of long-lived assets including right of use assets. In addition, significant estimates and assumptions used in the evaluation
of long-lived assets for impairment may be subject to significant adjustments in future periods.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"> </p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Goodwill</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Goodwill consists of the excess of the purchase
price over the fair value of the net assets acquired in connection with business acquisitions. The Company purchased Southern Pioneer
on March 9, 2020. The preliminary purchase price allocation reflects goodwill of $11,865.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A reconciliation of the change in the carrying
value of goodwill is as follows.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">March 31, 2020</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 80%; text-align: left"><font style="font-size: 8pt">Goodwill at beginning of year</font></td><td style="width: 5%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">40,040</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Goodwill from acquisition</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">11,865</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Change in foreign exchange rates during the
first quarter of 2020</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(11</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Goodwill at end of period</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">51,894</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We evaluate goodwill and any indefinite-lived
intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Goodwill
impairment occurs when the estimated fair value of goodwill is less than its carrying value. The valuation methodology and underlying
financial information included in our determination of fair value require significant management judgments. We use both market
and income approaches to derive fair value. The judgments in these two approaches include, but are not limited to, comparable market
multiples, long-term projections of future financial performance, and the selection of appropriate discount rates used to determine
the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce significantly
different results. No impairment charges for goodwill were recorded in the first quarters of 2020 or 2019. <b><br />
<br />
</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In response to the adverse effects of the COVID-19 pandemic, we
considered whether goodwill needed to be evaluated for impairment as of March 31, 2020, specifically related to goodwill for certain
restaurant reporting units.  Making estimates of the fair value of reporting units at this time are significantly affected
by assumptions on the severity, duration and long-term effects of the pandemic on the reporting unit’s operations. 
We considered the available facts and made qualitative assessments and judgments for what we believed represent reasonably possible
outcomes. Although the fair values of certain of these reporting units declined since the time that the most recent annual impairment
tests were conducted, we concluded it is more likely than not that goodwill was not impaired as of March 31, 2020.  However,
COVID-19 pandemic events will continue to evolve and the negative effects on our operations could prove to be worse than we currently
estimate and lead us to record goodwill or indefinite-lived asset impairment charges prior to the next annual impairment review.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Other Intangible Assets</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other intangible assets are composed of the
following.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="11" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">March 31, 2020</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="11" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">December 31, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Gross carrying amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Accumulated amortization</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Gross carrying amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Accumulated amortization</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Total</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 40%; text-align: left"><font style="font-size: 8pt">Franchise agreement</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; text-align: right"><font style="font-size: 8pt">5,310</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; text-align: right"><font style="font-size: 8pt">(5,310</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; text-align: right"><font style="font-size: 8pt">—  </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; text-align: right"><font style="font-size: 8pt">5,310</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; text-align: right"><font style="font-size: 8pt">(5,178</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; text-align: right"><font style="font-size: 8pt">132</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">810</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(796</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">14</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">810</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(792</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">18</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td><font style="font-size: 8pt">Total</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">6,120</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(6,106</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">14</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">6,120</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(5,970</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">150</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Intangible assets with indefinite lives:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold"><font style="font-size: 8pt"> </font></td>
<td style="font-weight: bold; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Trade names</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">15,876</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">—  </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">15,876</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">15,876</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold"><font style="font-size: 8pt"> </font></td>
<td style="font-weight: bold; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; text-align: right"><font style="font-size: 8pt">—  </font></td><td style="font-weight: bold; text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">15,876</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Other assets with indefinite lives</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">10,996</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">—  </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">10,996</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">11,323</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><font style="font-size: 8pt">—  </font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">11,323</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total intangible assets</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">32,992</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(6,106</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">26,886</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">33,319</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(5,970</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">27,349</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intangible assets subject to amortization consist
of franchise agreements connected with the purchase of Western Sizzlin as well as rights to favorable leases related to prior acquisitions.
These intangible assets are being amortized over their estimated weighted average of useful lives ranging from eight to twelve
years. Amortization expense for the first quarters of 2020 and 2019 was $136 and $137, respectively. The Company’s intangible
assets with definite lives will fully amortize in 2020. Intangible assets with indefinite lives consist of trade names, franchise
rights as well as lease rights.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Restaurant operations revenues were as follows.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">First Quarter</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 58%"><font style="font: 8pt Times New Roman, Times, Serif">Net sales</font></td>
<td style="width: 8%"> </td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">104,728</font></td>
<td style="width: 1%"> </td>
<td style="width: 8%"> </td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">165,631</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Franchise royalties and fees</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,211</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">6,654</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Franchise partner fees</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,344</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">258</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">861</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,232</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">114,144</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">173,775</font></td>
<td> </td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Net sales</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net sales are composed of retail sales of food
through company-operated stores. Company-operated store revenues are recognized, net of discounts and sales taxes, when our obligation
to perform is satisfied at the point of sale. Sales taxes related to these sales are collected from customers and remitted to the
appropriate taxing authority and are not reflected in the Company’s consolidated statements of earnings as revenue.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Franchise royalties and fees</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Franchise royalties and fees are composed of
royalties and fees from Steak n Shake and Western Sizzlin franchisees. Royalties are based upon a percentage of sales of the franchise
restaurant and are recognized as earned. Franchise royalties are billed on a monthly basis. Initial franchise fees when a new restaurant
opens or at the start of a new franchise term are recorded as deferred revenue when received and recognized as revenue over the
term of the franchise agreement. Our advertising arrangements with franchisees are reported in franchise royalties and fees. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Franchise partner fees</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">S<font style="background-color: white">teak
n Shake is in the process of transitioning company-operated restaurants to franchise partners. The franchise
agreement stipulates that the franchisee make an upfront investment totaling ten thousand dollars. Potential franchise
partners are screened based on entrepreneurial attitude and ability, but they become franchise partners based on achievement.
Each must meet the gold standard in service. Franchise partners are required to be hands-on operators. We limit a franchisee
to a single location. As the franchisor Steak n Shake assesses a fee of up to 15% of sales as well as 50% of
profits.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Gift card revenue</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Restaurant operations sells gift cards to customers
which can be redeemed for retail food sales within our stores. Gift cards are recorded as deferred revenue when issued and are
subsequently recorded as net sales upon redemption. Restaurant operations estimates breakage related to gift cards when the likelihood
of redemption is remote. This estimate utilizes historical trends based on the vintage of the gift card. Breakage on gift cards
is recorded as other revenue in proportion to the rate of gift card redemptions by vintage.</p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts payable and accrued expenses include
the following.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">March 31,<br /> 2020</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">December 31, 2019</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%; text-align: left"><font style="font-size: 8pt">Accounts payable</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">36,289</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">32,626</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Gift card liability</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">17,063</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">20,745</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Salaries, wages, and vacation</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">5,328</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">10,667</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Taxes payable</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">20,030</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">29,275</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Self-insurance accruals</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">21,442</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">11,070</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Deferred revenue</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">25,395</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">10,454</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">8,293</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">6,242</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Accounts payable and accrued expenses</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">133,840</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">121,079</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="margin: 0pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Notes payable and other borrowings include the following.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Current portion of notes payable and other borrowings</b></font></td>
<td> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">March 31, <br />
2020</font></td>
<td> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December 31,<br />
2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 58%"><font style="font: 8pt Times New Roman, Times, Serif">Notes payable</font></td>
<td style="width: 8%"> </td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">159,219</font></td>
<td style="width: 1%"> </td>
<td style="width: 8%"> </td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,200</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Unamortized original issue discount and debt issuance costs</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(986</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(982</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Western Sizzlin revolver</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">50</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Finance obligations</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,800</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,252</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Finance lease liabilities</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,549</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,633</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Total current portion of notes payable and other borrowings</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">164,632</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,103</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Long-term notes payable and other borrowings</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Notes payable</font></td>
<td> </td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td>
<td> </td>
<td> </td>
<td><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">179,298</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Unamortized original issue discount and debt issuance costs</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(252</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Finance obligations</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">73,309</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">74,497</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Finance leases liabilities</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,257</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,639</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Total long-term notes payable and other borrowings</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">80,566</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">263,182</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Steak n Shake Credit Facility</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 19, 2014, Steak n Shake and its subsidiaries
entered into a credit agreement which provided for a senior secured term loan facility in an aggregate principal amount of $220,000.
The term loan is scheduled to mature on March 19, 2021. As of March 31, 2020, $159,219 was outstanding. The Company is evaluating
refinancing options. Alternative financing may not be available on terms commensurate with its current financing arrangement. In
addition, the duration of the pandemic could have a material adverse effect on financing options or Steak n Shake’s ability
to comply with the terms of its credit agreement. Biglari Holdings is not a guarantor under the credit facility.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The term loan amortizes in equal quarterly installments
at an annual rate of 1.0% of the original principal amount of the term loan, subject to mandatory prepayments from excess cash
flow, asset sales and other events described in the credit agreement. The balance will be due at maturity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest on the term loan is based on a Eurodollar
rate plus an applicable margin of 3.75% or on the prime rate plus an applicable margin of 2.75%. The interest rate on the term
loan was 5.36% as of March 31, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The credit agreement includes customary affirmative
and negative covenants and events of default. Steak n Shake’s credit facility contains restrictions on its ability to pay
dividends to Biglari Holdings.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The term loan is secured by first priority security
interests in substantially all the assets of Steak n Shake. Disruptions in debt capital markets that restrict access to funding
when needed could adversely affect the results of operations, liquidity and capital resources of Steak n Shake.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of long-term debt, excluding
capitalized lease obligations, was approximately $80,000 at March 31, 2020. The fair value of our debt was estimated based on
quoted market prices. The fair value was determined to be a Level 3 fair value measurement.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white"></font>The Company retired $21,729 of debt on February 18, 2020.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Western Sizzlin Revolver</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Western Sizzlin had $50 and $0 of debt outstanding
under its revolver as of March 31, 2020 and December 31, 2019, respectively.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">A significant
portion of our operating and finance lease portfolio includes restaurant locations. The Company’s operating leases with
a term of 12 months or greater were recognized as operating right-of-use assets and liabilities and recorded as operating lease
assets and operating lease liabilities. Historical capital leases and certain historical build-to-suit leases were reclassified
from obligations under leases to finance lease assets and liabilities. Finance lease assets are recorded in property and equipment
and finance lease liabilities are recorded in notes payable and other borrowings. Historical sale-and-leaseback transactions in
which the Company is deemed to have a continued interest in the leased asset are recorded as property and equipment and as finance
obligations. Finance obligations are recorded in notes payable and other borrowings.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Operating lease
expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Total lease cost
consists of the following.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">First
Quarter</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">2020</font></td><td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Finance lease costs:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%; text-align: left"><font style="font-size: 8pt">  Amortization of right-of-use assets</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">479</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">492</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">  Interest on lease liabilities</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">178</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">207</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Operating lease costs *</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">3,736</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">3,857</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total lease costs</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">4,393</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">4,556</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-style: italic; text-align: left; padding-left: 9px"><font style="font-size: 8pt">*Includes short-term leases,
variable lease costs and sublease income, which are immaterial</font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Supplemental cash flow information
related to leases is as follows.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">First Quarter</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">2020</font></td><td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Cash paid for amounts included in the measurement of lease liabilities:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%; text-align: left; padding-left: 9px"><font style="font-size: 8pt">Financing cash flows from finance
leases</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">413</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">402</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Operating cash flows from finance leases</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">171</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">207</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Operating cash flows from operating leases</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">3,993</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">4,191</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Right-of-use assets obtained in exchange for lease obligations:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Finance lease liabilities</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">—  </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">1,097</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Operating lease liabilities</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">73</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">5,570</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Supplemental balance
sheet information related to leases is as follows.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">March 31, 2020</font></td><td style="text-align: center; font-size: 9pt; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; vertical-align: bottom"><font style="font-size: 8pt">December 31, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Finance leases:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt"><font style="font-size: 8pt"> </font></td>
<td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 56%; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Property and equipment, net</font></td><td style="width: 8%; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><font style="font-size: 8pt">7,177</font></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%; font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; width: 12%; font-size: 9pt; text-align: right"><font style="font-size: 8pt">10,783</font></td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt"><font style="font-size: 8pt"> </font></td>
<td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">  Current portion of notes payable and other borrowings</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">1,549</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt"><font style="font-size: 8pt"> </font></td>
<td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1,633</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">  Long-term notes payable and other
borrowings</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">7,257</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">9,639</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total finance lease liabilities</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,806</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><font style="font-size: 8pt">11,272</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Weighted-average
lease terms and discount rates are as follows.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">March 31, <br /> 2020</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Weighted-average remaining lease terms:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">  Finance leases</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> 6.3 years </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">  Operating leases</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> 6.0 years </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: right"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Weighted-average discount rates:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 70%; text-align: left"><font style="font-size: 8pt">  Finance leases</font></td><td style="width: 10%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 18%; text-align: right"><font style="font-size: 8pt">7.1</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">  Operating leases</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">6.9</font></td><td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Maturities of lease liabilities as
of March 31, 2020 are as follows.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><font style="font-size: 8pt">Year</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Operating Leases</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Finance<br /> Leases</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; width: 26%; text-align: left"><font style="font-size: 8pt">2020</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 26%; text-align: right"><font style="font-size: 8pt">11,664</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 26%; text-align: right"><font style="font-size: 8pt">1,587</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">2021</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">14,945</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">2,116</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">2022</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">12,850</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1,618</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">2023</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">11,027</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1,410</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">2024</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">8,884</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1,374</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">After
2024</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">17,007</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">2,756</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Total
lease payments</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">76,377</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">10,861</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">  Less
interest</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">14,294</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">2,055</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Total
lease liabilities</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">62,083</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,806</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the first quarters of 2020 and 2019,
accumulated other comprehensive losses decreased by $312 and $304, respectively, due to changes in foreign currency translation
adjustments. As of March 31, 2020 and 2019, the balances in accumulated comprehensive loss were $3,122 and $2,820, respectively.
There were no reclassifications from accumulated other comprehensive income to earnings during the first quarters of 2020 and 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In determining the quarterly provision for income
taxes, the Company used a discrete effective tax rate method based on statutory tax rates for the first quarters of 2020 and 2019.
Our periodic effective income tax rate is affected by the relative mix of pre-tax earnings or losses and underlying income tax
rates applicable to the various taxing jurisdictions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Income tax benefit for the first quarter of
2020 was $43,830 compared to an income tax expense of $1,744 for the first quarter of 2019.  The variance in income taxes
between 2020 and 2019 is attributable to taxes on income generated by the investment partnerships. Investment partnership pretax
losses were $175,742 during the first quarter of 2020, compared to pretax gains of $34,154 during the first quarter of 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2020 and December 31, 2019,
we had $348 of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair values of substantially all of our
financial instruments were measured using market or income approaches. Considerable judgment may be required in interpreting market
data used to develop the estimates of fair value. Accordingly, the fair values presented are not necessarily indicative of the
amounts that could be realized in an actual current market exchange. The use of alternative market assumptions and/or estimation
methodologies may have a material effect on the estimated fair value.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The hierarchy for measuring fair value consists
of Levels 1 through 3, which are described below.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Level 1 – Inputs
represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets. </font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Level 2 – Inputs
include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities
exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other
inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves,
volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from
or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected
future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated
durations and yields for other instruments of the issuer or entities in the same industry sector.</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Level 3 – Inputs
include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions
regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and we may be unable
to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions
about the information that would be used by market participants in pricing assets or liabilities.</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following methods and assumptions were used
to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheets:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash equivalents:</i> Cash equivalents primarily
consist of money market funds which are classified within Level 1 of the fair value hierarchy.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Equity securities: </i>The Company’s
investments in equity securities are classified within Level 1 of the fair value hierarchy. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Bonds:</i> The Company’s investments
in bonds are classified within Level 1 of the fair value hierarchy.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Non-qualified deferred compensation plan
investments: </i>The assets of the non-qualified plan are set up in a rabbi trust. They represent mutual funds and publicly traded
securities, each of which are classified within Level 1 of the fair value hierarchy.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Derivative instruments:</i> Options related
to equity securities are marked to market each reporting period and are classified within Levels 1 and 2 of the fair value hierarchy
depending on the instrument.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2020 and December 31, 2019,
the fair values of financial assets were as follows.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="15" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2020</td><td style="padding-bottom: 1pt"> </td>
<td colspan="15" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2019</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: right"> </td><td> </td>
<td colspan="15" style="text-align: right"> </td><td> </td>
<td colspan="15" style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Level 1</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Level 2</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Level 3</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Level 1</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Level 2</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Level 3</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold">Assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 28%; text-align: left">Cash equivalents</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">23,138</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">23,138</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">43,095</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">43,095</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">Equity securities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,605</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,714</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,319</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,397</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,422</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td>Bonds</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">49,518</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,500</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">52,018</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">38,911</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">38,911</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">Options on equity securities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,849</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,849</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,166</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,166</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Non-qualified deferred compensation plan investments</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,541</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,541</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,175</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,175</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt">Total assets at fair value</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">79,802</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,063</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">90,865</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">84,206</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,563</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">92,769</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no changes in our valuation techniques
used to measure fair values on a recurring basis.</p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Services Agreement</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During 2017, the Company entered into a services
agreement with Biglari Enterprises LLC and Biglari Capital Corp. (collectively, the “Biglari Entities”) under which
the Biglari Entities provides services to the Company. The services agreement has a five-year term, effective on October 1, 2017.
The fixed fee of $700 per month can be adjusted annually. The monthly fee will remain at $700 during 2020. The Company paid Biglari
Enterprises $2,100 in service fees during the first quarter of 2020 and 2019. The services agreement does not alter the hurdle
rate connected with the incentive reallocation paid to Biglari Capital Corp. The Biglari Entities are owned by Mr. Biglari.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i> </i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b><i>Incentive Agreement Amendment</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Incentive Agreement was amended on March
26, 2019 to remove the annual limitation on Mr. Biglari’s incentive compensation, as well as the requirement of Mr. Biglari
to use 30% of his incentive payments to purchase shares of the Company. In connection with the amendment, the change of control
and severance provisions contained in the Incentive Agreement were eliminated and the License Agreement was terminated. The amendment
became effective in 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="7" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">March 31, 2020</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="7" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">December 31, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Class
A</font></td><td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Class
B</font></td><td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Class
A</font></td><td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Class
B</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 40%; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Common stock authorized</font></td><td style="width: 3%; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right"><font style="font-size: 8pt">500,000</font></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 3%; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right"><font style="font-size: 8pt">10,000,000</font></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 3%; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right"><font style="font-size: 8pt">500,000</font></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 3%; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right"><font style="font-size: 8pt">10,000,000</font></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Common stock issued and outstanding</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">206,864</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">2,068,640</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">206,864</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">2,068,640</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Fair Value</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Company Common Stock</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Carrying Value</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 46%"><font style="font-size: 8pt">Partnership interest at December 31, 2019</font></td><td style="width: 5%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">666,123</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 5%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">160,581</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 5%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 11%; text-align: right"><font style="font-size: 8pt">505,542</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Investment partnership gains (losses)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(261,708</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(85,966</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(175,742</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Contributions (net of distributions) to investment partnerships</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(12,200</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(12,200</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Increase in proportionate share of Company
stock held</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,089</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,089</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Partnership interest at March 31, 2020</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">392,215</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">73,526</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">318,689</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Fair
Value</font></td><td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Company
Common Stock</font></td><td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Carrying
Value</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td><font style="font-size: 8pt">Partnership interest at December 31, 2018</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">715,102</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">157,622</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">557,480</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Investment partnership gains</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">73,096</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">38,942</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">34,154</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Increase in proportionate share of Company
stock held</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">114</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(114</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">Partnership interest at March 31, 2019</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">788,198</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">196,678</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">591,520</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">March 31, <br /> 2020</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">December 31, 2019</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%"><font style="font-size: 8pt">Carrying value of investment partnerships</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">318,689</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">505,542</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Deferred tax liability related to investment
partnerships</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(17,893</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(56,518</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Carrying value of investment partnerships
net of deferred taxes</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">300,796</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">449,024</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td colspan="4" style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> First Quarter </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2020</font></td><td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2019</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%; text-align: left"><font style="font-size: 8pt">Gains (losses) on investment partnership</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">(175,742</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">34,154</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Tax expense (benefit)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(41,383</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">7,917</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Net earnings (loss)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(134,359</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">26,237</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 92%">
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Equity in Investment Partnerships</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Lion
Fund</font></td><td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">Lion
Fund II</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
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<td style="width: 48%"><font style="font-size: 8pt">Total assets as of March 31, 2020</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">71,735</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">393,855</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
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<td><font style="font-size: 8pt">Total liabilities as of March 31, 2020</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">682</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">27,384</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
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<td style="text-align: left"><font style="font-size: 8pt">Revenue for the first quarter ended March 31, 2020</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(45,894</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(248,460</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
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<td style="text-align: left"><font style="font-size: 8pt">Earnings for the first quarter ended March 31, 2020</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(45,910</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">(249,573</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td><font style="font-size: 8pt">Biglari Holdings’ ownership interest as of March 31, 2020</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">66.1</font></td><td style="text-align: left"><font style="font-size: 8pt">%</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">93.1</font></td><td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
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<td style="font: 11pt Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td><font style="font-size: 8pt">Total assets as of December 31, 2019</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">117,135</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">758,663</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td><font style="font-size: 8pt">Total liabilities as of December 31, 2019</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">158</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">114,639</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
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<td style="text-align: left"><font style="font-size: 8pt">Revenue for the first quarter ended March 31, 2019</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">19,764</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">67,550</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
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<td style="text-align: left"><font style="font-size: 8pt">Earnings for the first quarter ended March 31, 2019</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">19,748</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">65,102</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
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<td><font style="font-size: 8pt">Biglari Holdings’ ownership interest as of March 31, 2019</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">66.1</font></td><td style="text-align: left"><font style="font-size: 8pt">%</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">92.2</font></td><td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="11" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">March 31, 2020</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="11" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">December 31, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Gross carrying amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Accumulated amortization</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Gross carrying amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Accumulated amortization</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Total</font></td></tr>
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<td style="width: 40%; text-align: left"><font style="font-size: 8pt">Franchise agreement</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; text-align: right"><font style="font-size: 8pt">5,310</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; text-align: right"><font style="font-size: 8pt">(5,310</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; text-align: right"><font style="font-size: 8pt">—  </font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; text-align: right"><font style="font-size: 8pt">5,310</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; text-align: right"><font style="font-size: 8pt">(5,178</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; text-align: right"><font style="font-size: 8pt">132</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
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<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">810</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(796</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">14</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">810</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(792</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">18</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td><font style="font-size: 8pt">Total</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">6,120</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(6,106</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">14</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">6,120</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(5,970</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">150</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Intangible assets with indefinite lives:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold"><font style="font-size: 8pt"> </font></td>
<td style="font-weight: bold; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Trade names</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">15,876</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">—  </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">15,876</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">15,876</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold"><font style="font-size: 8pt"> </font></td>
<td style="font-weight: bold; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; text-align: right"><font style="font-size: 8pt">—  </font></td><td style="font-weight: bold; text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">15,876</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Other assets with indefinite lives</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">10,996</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">—  </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">10,996</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">11,323</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><font style="font-size: 8pt">—  </font></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">11,323</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total intangible assets</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">32,992</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(6,106</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">26,886</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">33,319</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(5,970</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">27,349</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">First Quarter</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2020</font></td><td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2019</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%; text-align: left"><font style="font-size: 8pt">Net sales</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">104,728</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">165,631</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Franchise royalties and fees</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">5,211</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">6,654</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Franchise partner fees</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">3,344</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">258</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">861</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,232</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: right; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">114,144</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">173,775</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">March 31,<br /> 2020</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">December 31, 2019</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%; text-align: left"><font style="font-size: 8pt">Accounts payable</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">36,289</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">32,626</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Gift card liability</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">17,063</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">20,745</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Salaries, wages, and vacation</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">5,328</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">10,667</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Taxes payable</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">20,030</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">29,275</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Self-insurance accruals</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">21,442</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">11,070</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Deferred revenue</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">25,395</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">10,454</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">8,293</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">6,242</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Accounts payable and accrued expenses</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">133,840</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">121,079</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="font-weight: bold"><font style="font-size: 8pt">Current portion of notes payable
and other borrowings</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">March 31, <br /> 2020</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">December 31,<br />
2019</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%; text-align: left"><font style="font-size: 8pt">Notes payable</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">159,219</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">2,200</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Unamortized original issue discount and debt issuance costs</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(986</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(982</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Western Sizzlin revolver</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">50</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">—  </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Finance obligations</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">4,800</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">4,252</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Finance lease liabilities</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,549</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,633</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total current portion of notes payable and
other borrowings</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">164,632</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">7,103</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: right"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">Long-term notes payable and other borrowings</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Notes payable</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">—  </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">179,298</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Unamortized original issue discount and debt issuance costs</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">—  </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(252</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Finance obligations</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">73,309</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">74,497</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Finance leases liabilities</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">7,257</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">9,639</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total long-term notes payable and other borrowings</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">80,566</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">263,182</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-family: Calibri, Helvetica, Sans-Serif; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td><td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">First
Quarter</font></td><td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2020</font></td><td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2019</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Finance lease costs:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%; text-align: left"><font style="font-size: 8pt">  Amortization of right-of-use assets</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">479</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">492</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">  Interest on lease liabilities</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">178</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">207</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Operating lease costs *</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">3,736</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">3,857</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total lease costs</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">4,393</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">4,556</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-style: italic; text-align: left; padding-left: 9px"><font style="font-size: 8pt">*Includes short-term leases,
variable lease costs and sublease income, which are immaterial</font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">First
Quarter</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">2020</font></td><td style="padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Cash paid for amounts included in the measurement of lease liabilities:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 56%; text-align: left; padding-left: 9px"><font style="font-size: 8pt">Financing cash flows from finance
leases</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">413</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">402</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Operating cash flows from finance leases</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">171</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">207</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Operating cash flows from operating leases</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">3,993</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">4,191</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Right-of-use assets obtained in exchange for lease obligations:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Finance lease liabilities</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">—  </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">1,097</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Operating lease liabilities</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">73</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">5,570</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">March 31, <br /> 2020</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Weighted-average remaining lease terms:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">  Finance leases</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> 6.3
years </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">  Operating leases</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> 6.0
years </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: right"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Weighted-average discount rates:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 70%; text-align: left"><font style="font-size: 8pt">  Finance leases</font></td><td style="width: 10%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 18%; text-align: right"><font style="font-size: 8pt">7.1</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">  Operating leases</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">6.9</font></td><td style="text-align: left"><font style="font-size: 8pt">%</font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="7" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Revenue</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td colspan="5" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">First
Quarter</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2020</font></td><td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">2019</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">Operating Businesses:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Restaurant Operations:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 64%; text-align: left; padding-left: 18px"><font style="font-size: 8pt">Steak n Shake</font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">111,113</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">170,111</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 18px"><font style="font-size: 8pt">Western Sizzlin</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">3,031</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">3,664</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9px"><font style="font-size: 8pt">Total Restaurant Operations</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">114,144</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">173,775</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Insurance Operations:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 18px"><font style="font-size: 8pt">First Guard</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">7,884</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">7,207</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 18px"><font style="font-size: 8pt">Southern Pioneer</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,790</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">—  </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9px"><font style="font-size: 8pt">Total Insurance Operations</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">9,674</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">7,207</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Southern Oil</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">11,374</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">—  </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9px"><font style="font-size: 8pt">Maxim</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">508</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">877</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">135,700</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">181,859</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="7" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Earnings (Losses) Before Income Taxes</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="7" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">First Quarter</font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">2020</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">2019</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">Operating Businesses:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Restaurant Operations:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 66%; text-align: left; padding-left: 18px"><font style="font-size: 8pt">Steak n Shake</font></td><td style="width: 3%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">(10,937</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 3%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-size: 8pt">(18,858</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 18px"><font style="font-size: 8pt">Western Sizzlin</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">37</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">383</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9px"><font style="font-size: 8pt">Total Restaurant Operations</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(10,900</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(18,475</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Insurance Operations:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 18px"><font style="font-size: 8pt">First Guard</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">2,441</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1,544</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 18px"><font style="font-size: 8pt">Southern Pioneer</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">472</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">—  </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9px"><font style="font-size: 8pt">Total Insurance Operations</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">2,913</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,544</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Southern Oil</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">2,470</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">—  </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9px"><font style="font-size: 8pt">Maxim</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(32</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(112</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Total Operating Businesses</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(5,549</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(17,043</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="font-weight: bold; text-align: left"><font style="font-size: 8pt">Corporate and Investments:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-left: 9px"><font style="font-size: 8pt">Corporate</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(2,296</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">(2,491</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9px"><font style="font-size: 8pt">Investment partnership gains
(losses)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(175,742</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">34,154</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Total Corporate and Investments</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(178,038</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">31,663</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Interest expense on notes payable and debt
extinguishment gains</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,872</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(3,058</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(181,715</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">11,562</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td>
</tr>
</table>
500000
10000000
500000
10000000
206864
2068640
206864
2068640
206864
2068640
206864
2068640
344391
346223
40393000
76789000
4463000
666123000
392215000
160581000
73526000
505542000
318689000
715102000
788198000
157622000
196678000
557480000
591520000
-261708000
-85966000
-175742000
73096000
38942000
34154000
-12200000
0
-12200000
0
0
0
0
-1089000
1089000
0
114000
-114000
505542000
318689000
-56518000
-17893000
449024000
300796000
-41383000
7917000
-134359000
26237000
.661
.931
.661
.922
374857000
373768000
150147000
150345000
144243000
140480000
157141000
150861000
196264000
196654000
3789000
3737000
729059000
720512000
378432000
382887000
40040000
51894000
11865000
-11000
33319000
5310000
5310000
810000
10996000
15876000
15876000
32992000
6120000
6120000
810000
11323000
-5970000
-5178000
-5310000
-792000
0
0
0
-6106000
-6106000
-5970000
-796000
0
27349000
132000
0
18000
10996000
15876000
15876000
26886000
14000
150000
14000
11323000
136000
137000
104728000
165631000
5211000
6654000
3344000
258000
861000
1232000
114144000
173775000
6242000
8293000
10454000
25395000
11070000
21442000
29275000
20030000
10667000
5328000
20745000
17063000
32626000
36289000
7103000
164632000
1633000
1549000
4252000
4800000
0
50000
-982000
-986000
2200000
159219000
9639000
7257000
74497000
73309000
-252000
0
179298000
0
159219000
.0536
479000
492000
178000
207000
3736000
3857000
4393000
4556000
413000
402000
171000
207000
3993000
4191000
0
1097000
73000
5570000
10783000
7177000
11272000
8806000
P6Y3M18D
P6Y
.071
.069
62083000
8806000
14294000
2055000
76377000
10861000
17007000
2756000
8884000
1374000
11027000
1410000
12850000
1618000
14945000
2116000
11664000
1587000
-312000
-304000
348000
348000
43095000
43095000
23138000
0
0
0
0
23138000
38911000
38911000
49518000
0
2500000
0
0
52018000
2166000
0
0
2166000
2849000
0
0
2849000
2175000
2175000
1541000
0
0
0
0
1541000
92769000
84206000
79802000
8563000
11063000
0
0
90865000
-181715000
11562000
-10937000
-18858000
37000
383000
-10900000
-18475000
1872000
-3058000
2441000
1544000
-32000
-112000
-5549000
-17043000
-175742000
34154000
-178038000
31663000
-2296000
-2491000
2470000
0
472000
0
2913000
1544000
1499000
1499000
71735000
393855000
117135000
758663000
682000
27384000
158000
114639000
-45894000
-248460000
19764000
67550000
-45910000
-249573000
19748000
65102000
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Our reportable
business segments are organized in a manner that reflects how management views those business activities. Our restaurant operations
include Steak n Shake and Western Sizzlin. Our insurance operations include First Guard and Southern Pioneer. The Company also
reports segment information for Maxim and Southern Oil. Other business activities not specifically identified with reportable
business segments are presented in corporate. We report our earnings from investment partnerships separate from our corporate
expenses. We assess and measure segment operating results based on segment earnings as disclosed below. Segment earnings from
operations are neither necessarily indicative of cash available to fund cash requirements, nor synonymous with cash flow from
operations. The tabular information that follows shows data of our reportable segments reconciled to amounts reflected in the
consolidated financial statements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">A disaggregation
of our consolidated data for the first quarter of 2020 and 2019 is presented in the tables which follow.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Revenue</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td colspan="5" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">First Quarter</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td style="text-align: center; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="text-align: center; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Operating Businesses:</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Restaurant Operations:</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 64%; padding-left: 13.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Steak
n Shake</font></td>
<td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">111,113</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td>
<td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">170,111</font></td>
<td style="width: 1%"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 13.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Western Sizzlin</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,031</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,664</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Total Restaurant
Operations</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">114,144</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">173,775</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Insurance Operations:</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 13.5pt"><font style="font: 8pt Times New Roman, Times, Serif">First Guard</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,884</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,207</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 13.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Southern Pioneer</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,790</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Total Insurance
Operations</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,674</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,207</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Southern Oil</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,374</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Maxim</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">508</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">877</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">135,700</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">181,859</font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">  </font></p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Earnings (Losses) Before Income Taxes</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">First
Quarter</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Operating Businesses:</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Restaurant Operations:</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="width: 66%; padding-left: 13.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Steak
n Shake</font></td>
<td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(10,937</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 2%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 13%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(18,858</font></td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 13.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Western Sizzlin</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">37</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">383</font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Total Restaurant
Operations</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(10,900</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(18,475</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Insurance Operations:</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 13.5pt"><font style="font: 8pt Times New Roman, Times, Serif">First Guard</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,441</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,544</font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 13.5pt"><font style="font: 8pt Times New Roman, Times, Serif">Southern Pioneer</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">472</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Total Insurance
Operations</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,913</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,544</font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Southern Oil</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,470</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">—  </font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Maxim</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(32</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(112</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Total Operating Businesses</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,549</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17,043</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif"><b>Corporate and Investments:</b></font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Corporate</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,296</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,491</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 6.75pt"><font style="font: 8pt Times New Roman, Times, Serif">Investment partnership
gains (losses)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(175,742</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34,154</font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Total Corporate and Investments</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(178,038</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31,663</font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Interest expense on notes payable and debt extinguishment
gains</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,872</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,058</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(181,715</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">11,562</font></td>
<td><font style="font-size: 8pt"> </font></td>
</tr>
</table>
<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><font style="font-size: 8pt"> </font></p>
67389000
78780000
-175742000
34154000
0
40000000
30100000
40000000
42300000
0
-34491000
-17464000
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><font style="font-size: 8pt">Year</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Operating Leases</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">Finance<br /> Leases</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; width: 26%; text-align: left"><font style="font-size: 8pt">2020</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 26%; text-align: right"><font style="font-size: 8pt">11,664</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 26%; text-align: right"><font style="font-size: 8pt">1,587</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">2021</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">14,945</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">2,116</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">2022</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">12,850</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1,618</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">2023</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">11,027</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1,410</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">2024</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">8,884</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">1,374</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">After
2024</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">17,007</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">2,756</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Total
lease payments</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">76,377</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">10,861</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">  Less
interest</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">14,294</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">2,055</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="vertical-align: bottom; text-align: left"><font style="font-size: 8pt">Total
lease liabilities</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">62,083</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,806</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
-175742000
34154000
77475000
78435000
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><font style="font-size: 8pt">March 31, 2020</font></td><td style="text-align: center; font-size: 9pt; padding-bottom: 1pt; vertical-align: bottom"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; vertical-align: bottom"><font style="font-size: 8pt">December 31, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">Finance leases:</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt"><font style="font-size: 8pt"> </font></td>
<td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 56%; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Property and equipment, net</font></td><td style="width: 8%; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><font style="font-size: 8pt">7,177</font></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 8%; font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; width: 12%; font-size: 9pt; text-align: right"><font style="font-size: 8pt">10,783</font></td><td style="width: 1%; padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-size: 8pt"> </font></td>
<td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt"><font style="font-size: 8pt"> </font></td>
<td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 8pt">  Current portion of notes payable and other borrowings</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">1,549</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt"><font style="font-size: 8pt"> </font></td>
<td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1,633</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">  Long-term notes payable and other
borrowings</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">7,257</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">9,639</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total finance lease liabilities</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,806</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><font style="font-size: 8pt">11,272</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
6422000
25000
5605000
6397000
5714000
0
0
11319000
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Description of Business</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited consolidated financial
statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance
with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial
information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary
to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results
for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained
herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report
on Form 10-K for the year ended December 31, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Biglari Holdings is a holding company owning
subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing,
restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating
of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The
Company’s long-term objective is to maximize per-share intrinsic value. All major investment and capital allocation decisions
are made for the Company and its subsidiaries by Mr. Biglari.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2020, Mr. Biglari’s beneficial
ownership was approximately 64.4% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding
Class B common stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The novel coronavirus (“COVID-19”)
was declared a pandemic by the World Health Organization, which caused governments to contain its spread, thereby significantly
affecting our operating businesses beginning in March and will likely adversely affect nearly all of our operations in the second
quarter. The risks and uncertainties resulting from the pandemic may affect our future earnings, cash flows and financial
condition.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Business Acquisition</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 9, 2020, Biglari Holdings
acquired the stock of Southern Pioneer Property & Casualty Insurance Company, and its agency, Southern Pioneer Insurance
Agency, Inc. (collectively “Southern Pioneer”). Southern Pioneer underwrites specialty insurance products
including garage liability insurance, commercial property coverage for auto dealers as well as homeowners, dwelling fire
insurance and credit-related insurance coverages. The financial results for Southern Pioneer from the acquisition date to the
end of the first quarter are included in the Company’s consolidated financial statements. The acquisition date fair
values of assets and liabilities of Southern Pioneer are provisional and subject to revision as the related valuations are
completed. Pro-forma financial information of Southern Pioneer is not material. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 9, 2019, a wholly-owned
subsidiary of the Company, Southern Oil Company, acquired the stock of Southern Oil of Louisiana Inc. (collectively
“Southern Oil”). Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of
the Gulf of Mexico. Pro-forma financial information of Southern Oil is not material.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Principles of Consolidation</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements include
the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western
Sizzlin Corporation (“Western Sizzlin”), Maxim Inc. (“Maxim”), Southern Oil, First Guard Insurance Company
(“First Guard”), and Southern Pioneer.  Intercompany accounts and transactions have been eliminated in consolidation.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements include
the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western
Sizzlin Corporation (“Western Sizzlin”), Maxim Inc. (“Maxim”), Southern Oil, First Guard Insurance Company
(“First Guard”), and Southern Pioneer.  Intercompany accounts and transactions have been eliminated in consolidation.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2016, the Financial Accounting Standards
Board issued Accounting Standards Update (“ASU”) 2016-13, <i>Financial Instruments—Credit Losses: Measurement
of Credit Losses on Financial Instruments</i>. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized
cost basis and available for sale debt securities. For available for sale debt securities, credit losses should be measured in
a manner similar to current GAAP; however, ASU 2016-13 requires that credit losses be presented as an allowance rather than as
a write-down. The amendments in this update are effective for financial statements issued for fiscal years beginning after December
15, 2019. The Company adopted ASU 2016-13 effective January 1, 2020. The impact of this standard is not material to the Company’s
financial statements and related disclosures.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">March 31, 2020</font></td>
<td> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">December 31, 2019</font></td></tr>
<tr style="vertical-align: bottom">
<td style="width: 58%"><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
<td style="width: 8%"> </td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">150,345</font></td>
<td style="width: 1%"> </td>
<td style="width: 8%"> </td>
<td style="width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">150,147</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Buildings</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">140,480</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">144,243</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Land and leasehold improvements</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">150,861</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">157,141</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Equipment</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">196,654</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">196,264</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Oil and gas properties</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">78,435</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">77,475</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Construction in progress</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,737</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,789</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">720,512</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">729,059</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Less accumulated depreciation and amortization</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(382,887</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(378,432</font></td>
<td><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font: 8pt Times New Roman, Times, Serif">Property and equipment, net</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">337,625</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">350,627</font></td>
<td> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are involved in various legal proceedings
and have certain unresolved claims pending. We believe, based on examination of these matters and experiences to date, that the
ultimate liability, if any, in excess of amounts already provided in our consolidated financial statements is not likely to have
a material effect on our results of operations, financial position or cash flow.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 29, 2018, a shareholder of the Company
filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of
Hamilton County, Indiana. The shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors
and unjust enrichment to Mr. Biglari as a result of the dual class structure.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 26, 2018, a shareholder of the
Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior
Court of Hamilton County, Indiana. This shareholder generally alleges claims of breach of fiduciary duty by the members of our
Board of Directors. This shareholder sought to enjoin the shareholder vote on April 26, 2018 to approve the dual class structure.
On April 16, 2018, the shareholder withdrew the motion to enjoin the shareholder vote on April 26, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 17, 2018, the shareholders who
filed the January 29, 2018 complaint and the March 26, 2018 complaint filed a new, consolidated complaint against the Company
and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholders generally
allege claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari
arising out of the dual class structure, including the ability to vote the Company’s shares that are eliminated
for financial reporting purposes. The shareholders seek, for themselves and on behalf of all other shareholders as a class, a
declaration that the defendants breached their duty to the shareholders and the class, and to recover unspecified damages,
pre-judgment and post-judgment interest, and an award of their attorneys’ fees and other costs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 14, 2018, the judge of the Superior
Court of Hamilton County, Indiana issued an order granting the Company’s motion to dismiss the shareholders’ lawsuits.
On January 11, 2019, the shareholders filed an appeal of the judge’s order dismissing the lawsuits. On December 4, 2019,
the Indiana Court of Appeals issued a unanimous decision affirming the trial court’s decision to dismiss the shareholder
litigation. On January 20, 2020, the shareholders filed a petition to transfer with the Indiana Supreme Court seeking review
of the decision of the Court of Appeals.  The Company opposed the petition.  On April 7, 2020, the Indiana Supreme Court
denied the petition to transfer. All of the cases referenced above are completed and each case was concluded in the Company’s
favor.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="15" style="border-bottom: Black 1pt solid; text-align: center">March 31, 2020</td><td style="padding-bottom: 1pt"> </td>
<td colspan="15" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2019</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: right"> </td><td> </td>
<td colspan="15" style="text-align: right"> </td><td> </td>
<td colspan="15" style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Level 1</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Level 2</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Level 3</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Level 1</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Level 2</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Level 3</font></td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold">Assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 28%; text-align: left">Cash equivalents</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">23,138</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">23,138</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">43,095</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">43,095</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">Equity securities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,605</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,714</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,319</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,397</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,422</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td>Bonds</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">49,518</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,500</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">52,018</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">38,911</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">38,911</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left">Options on equity securities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,849</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,849</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,166</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,166</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Non-qualified deferred compensation plan investments</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,541</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,541</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,175</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,175</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-bottom: 2.5pt">Total assets at fair value</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">79,802</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,063</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">90,865</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">84,206</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">8,563</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">92,769</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 8pt">March 31, 2020</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="width: 80%; text-align: left"><font style="font-size: 8pt">Goodwill at beginning of year</font></td><td style="width: 5%"><font style="font-size: 8pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">40,040</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left"><font style="font-size: 8pt">Goodwill from acquisition</font></td><td><font style="font-size: 8pt"> </font></td>
<td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">11,865</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Change in foreign exchange rates during the
first quarter of 2020</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(11</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: transparent">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Goodwill at end of period</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">51,894</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited consolidated financial
statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance
with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial
information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary
to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results
for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained
herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report
on Form 10-K for the year ended December 31, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Biglari Holdings is a holding company owning
subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing,
restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating
of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The
Company’s long-term objective is to maximize per-share intrinsic value. All major investment and capital allocation decisions
are made for the Company and its subsidiaries by Mr. Biglari.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2020, Mr. Biglari’s beneficial
ownership was approximately 64.4% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding
Class B common stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The novel coronavirus (“COVID-19”)
was declared a pandemic by the World Health Organization, which caused governments to contain its spread, thereby significantly
affecting our operating businesses beginning in March and will likely adversely affect nearly all of our operations in the second
quarter. The risks and uncertainties resulting from the pandemic may affect our future earnings, cash flows and financial
condition.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 9, 2020, Biglari Holdings
acquired the stock of Southern Pioneer Property & Casualty Insurance Company, and its agency, Southern Pioneer Insurance
Agency, Inc. (collectively “Southern Pioneer”). Southern Pioneer underwrites specialty insurance products
including garage liability insurance, commercial property coverage for auto dealers as well as homeowners, dwelling fire
insurance and credit-related insurance coverages. The financial results for Southern Pioneer from the acquisition date to the
end of the first quarter are included in the Company’s consolidated financial statements. The acquisition date fair
values of assets and liabilities of Southern Pioneer are provisional and subject to revision as the related valuations are
completed. Pro-forma financial information of Southern Pioneer is not material. </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 9, 2019, a wholly-owned
subsidiary of the Company, Southern Oil Company, acquired the stock of Southern Oil of Louisiana Inc. (collectively
“Southern Oil”). Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of
the Gulf of Mexico. Pro-forma financial information of Southern Oil is not material.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
Net earnings (loss) per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $(80.07) for the first quarter of 2020 and $5.67 for the first quarter of 2019.