ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
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(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||
Large accelerated filer | ¨ | x | Non-accelerated filer | ¨ | Smaller reporting company | Emerging growth company |
Class A common stock – | |||||
Class B common stock – |
Independent Auditor’s Report (PCAOB ID No | |||||
THE LION FUND II, L.P. | |||||||||||
(A Delaware Limited Partnership) | |||||||||||
STATEMENT OF ASSETS AND LIABILITIES | |||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||
ASSETS: | |||||||||||
Investments in securities — at fair value | $ | 330,759,640 | $ | 534,365,480 | |||||||
Cash and cash equivalents | 58,422 | 29,656,370 | |||||||||
Accrued dividend | 14,367 | — | |||||||||
Total assets | $ | 330,832,429 | $ | 564,021,850 | |||||||
LIABILITIES: | |||||||||||
Due to broker | $ | 167,647,866 | $ | 100,384,135 | |||||||
Investments sold short — at fair value | — | 29,922,480 | |||||||||
Derivatives — at fair value | — | 55,855 | |||||||||
Accrued interest | 135,668 | — | |||||||||
Accounts payable | 63,500 | 54,313 | |||||||||
Total liabilities | $ | 167,847,034 | $ | 130,416,783 | |||||||
PARTNERS’ CAPITAL | $ | 162,985,395 | $ | 433,605,067 | |||||||
See notes to financial statements. |
THE LION FUND II, L.P. | |||||||||||||||||
(A Delaware Limited Partnership) | |||||||||||||||||
STATEMENT OF OPERATIONS | |||||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020 | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||
Dividends and interest | $ | 11,928,503 | $ | 4,508,351 | $ | 7,057,996 | |||||||||||
EXPENSES: | |||||||||||||||||
Professional fees | 68,625 | 44,000 | 185,413 | ||||||||||||||
Interest expense | 3,065,510 | 820,530 | 1,103,146 | ||||||||||||||
Other expense | 2,697 | 1,137 | — | ||||||||||||||
NET INVESTMENT INCOME | 8,791,671 | 3,642,684 | 5,769,437 | ||||||||||||||
REALIZED AND UNREALIZED GAINS (LOSSES): | |||||||||||||||||
Net realized gains (losses) from investments | (3,755,441) | 13,236,938 | 11,123,194 | ||||||||||||||
Recorded loss on transfer of Biglari Holdings securities | (10,243,786) | — | — | ||||||||||||||
Net change in unrealized appreciation - investments | (77,326,489) | 23,740,919 | (66,724,702) | ||||||||||||||
NET INCREASE (DECREASE) IN PARTNERS’ CAPITAL RESULTING FROM OPERATIONS | $ | (82,534,045) | $ | 40,620,541 | $ | (49,832,071) | |||||||||||
See notes to financial statements. |
THE LION FUND II, L.P. | |||||||||||||||||
(A Delaware Limited Partnership) | |||||||||||||||||
STATEMENT OF CHANGES IN PARTNERS’ CAPITAL | |||||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020 | |||||||||||||||||
General Partner | Limited Partners | Total | |||||||||||||||
PARTNERS’ CAPITAL - December 31, 2019 | $ | 39,467,616 | $ | 604,556,631 | $ | 644,024,247 | |||||||||||
Capital contributions | — | 62,130,003 | 62,130,003 | ||||||||||||||
Capital distributions | (14,762,572) | (100,350,003) | (115,112,575) | ||||||||||||||
Net decrease from operations | (6,156,302) | (43,675,769) | (49,832,071) | ||||||||||||||
Performance fee | 986,561 | (986,561) | — | ||||||||||||||
PARTNERS’ CAPITAL - December 31, 2020 | $ | 19,535,303 | $ | 521,674,301 | $ | 541,209,604 | |||||||||||
Capital contributions | — | 12,300,000 | 12,300,000 | ||||||||||||||
Capital distributions | (400,000) | (160,125,078) | (160,525,078) | ||||||||||||||
Net increase from operations | 1,507,875 | 39,112,666 | 40,620,541 | ||||||||||||||
PARTNERS’ CAPITAL - December 31, 2021 | $ | 20,643,178 | $ | 412,961,889 | $ | 433,605,067 | |||||||||||
Capital contributions | 500,000 | 55,554,841 | 56,054,841 | ||||||||||||||
Capital distributions | (1,750,000) | (242,390,468) | (244,140,468) | ||||||||||||||
Net decrease from operations | (4,325,953) | (78,208,092) | (82,534,045) | ||||||||||||||
PARTNERS’ CAPITAL - December 31, 2022 | $ | 15,067,225 | $ | 147,918,170 | $ | 162,985,395 | |||||||||||
See notes to financial statements. |
THE LION FUND II, L.P. | |||||||||||||||||
(A Delaware Limited Partnership) | |||||||||||||||||
STATEMENT OF CASH FLOWS | |||||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020 | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
Net increase (decrease) in partners’ capital resulting from operations | $ | (82,534,045) | $ | 40,620,541 | $ | (49,832,071) | |||||||||||
Adjustments to reconcile net increase (decrease) in partners’ capital resulting from operations to net cash provided by (used in) operating activities: | |||||||||||||||||
Net realized (gains) losses from investments | 3,755,441 | (13,236,938) | (11,123,194) | ||||||||||||||
Net change in unrealized appreciation - investments | 77,326,489 | (23,740,919) | 66,724,702 | ||||||||||||||
Proceeds from sale of investments | 108,346,506 | 44,804,123 | 106,114,804 | ||||||||||||||
Purchases of investments in securities | (189,427,344) | (76,789,700) | (116,304,051) | ||||||||||||||
Loss on capital distribution | 10,243,786 | — | — | ||||||||||||||
Changes in due to broker | 67,263,731 | 100,384,135 | — | ||||||||||||||
Changes in interest payable | 135,668 | — | (370,215) | ||||||||||||||
Changes in receivables | — | — | 19,889,744 | ||||||||||||||
Change in accrued dividends | (14,367) | — | — | ||||||||||||||
Changes in accounts payable | 9,187 | (37,100) | 49,413 | ||||||||||||||
Net cash provided by (used in) operating activities | (4,894,948) | 72,004,142 | 15,149,132 | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
Contributions from partners | 44,747,000 | 12,300,000 | 62,130,003 | ||||||||||||||
Distributions to partners | (69,450,000) | (160,525,078) | (103,910,003) | ||||||||||||||
Payments of long-term debt | — | — | (112,000,000) | ||||||||||||||
Net cash used in financing activities | (24,703,000) | (148,225,078) | (153,780,000) | ||||||||||||||
NET DECREASE IN CASH | (29,597,948) | (76,220,936) | (138,630,868) | ||||||||||||||
CASH and CASH EQUIVALENTS - Beginning of year | 29,656,370 | 105,877,306 | 244,508,174 | ||||||||||||||
CASH and CASH EQUIVALENTS - End of year | $ | 58,422 | $ | 29,656,370 | $ | 105,877,306 | |||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||||||||
Non-Cash Investing and Financing Activities | |||||||||||||||||
Contributions from partners | $ | 11,307,841 | $ | — | $ | — | |||||||||||
Distributions to partners | $ | (174,690,468) | $ | — | $ | — | |||||||||||
See notes to financial statements. |
THE LION FUND II, L.P. | |||||||||||
(A Delaware Limited Partnership) | |||||||||||
CONDENSED SCHEDULE OF INVESTMENTS | |||||||||||
AS OF DECEMBER 31, 2022: | Shares | Amount | |||||||||
INVESTMENTS IN COMMON STOCK AT FAIR VALUE: | |||||||||||
United States: | |||||||||||
Consumer products: | |||||||||||
Ferrari N.V. | 331,300 | $ | 70,959,497 | ||||||||
Other | 8,075,314 | ||||||||||
Restaurant: | |||||||||||
Cracker Barrel Old Country Store, Inc. | 2,000,000 | 189,480,000 | |||||||||
Jack in the Box Inc. | 850,044 | 57,998,502 | |||||||||
Other securities | 4,246,327 | ||||||||||
TOTAL SECURITIES OWNED (cost $345,315,368) | $ | 330,759,640 | |||||||||
AS OF DECEMBER 31, 2021: | Shares | Amount | |||||||||
INVESTMENTS IN COMMON STOCK AT FAIR VALUE: | |||||||||||
United States: | |||||||||||
Diversified: | |||||||||||
Biglari Holdings Inc. Class A common stock | 83,465 | $ | 58,008,175 | ||||||||
Biglari Holdings Inc. Class B common stock | 890,272 | 126,926,079 | |||||||||
Restaurant: | |||||||||||
Cracker Barrel Old Country Store, Inc. | 2,000,000 | 257,280,000 | |||||||||
Financial: | |||||||||||
Berkshire Hathaway Class A common stock | 100 | 45,066,200 | |||||||||
Other securities | 47,085,026 | ||||||||||
TOTAL SECURITIES OWNED (cost $602,113,996) | $ | 534,365,480 | |||||||||
As of December 31, 2021, The Lion Fund II, L.P. held $29,922,480 in short positions tied to its arbitrage operation. | |||||||||||
See notes to financial statements. |
2022 | 2021 | 2020 | |||||||||||||||
Total return before performance reallocation | (24.61) | % | 7.43 | % | (6.73) | % | |||||||||||
Performance reallocation | 0.00 | 0.00 | (0.18) | ||||||||||||||
Total return after performance reallocation | (24.61) | % | 7.43 | % | (6.91) | % |
2022 | 2021 | 2020 | |||||||||||||||
Annual gross partnership return | (24.00) | % | 9.91 | % | (7.92) | % | |||||||||||
Annual net partnership return | (24.95) | % | 9.70 | % | (8.13) | % |
2022 | 2021 | 2020 | |||||||||||||||
Ratio to average partners’ capital: | |||||||||||||||||
Expenses before performance reallocation | 1.08 | % | 0.18 | % | 0.26 | % | |||||||||||
Performance reallocation | 0.00 | 0.00 | 0.21 | ||||||||||||||
Expenses including performance reallocation | 1.08 | % | 0.18 | % | 0.47 | % | |||||||||||
Net investment income | 3.08 | % | 0.74 | % | 1.17 | % |
BIGLARI HOLDINGS INC. | |||||||||||||||||
By: | /s/ Bruce Lewis | ||||||||||||||||
Bruce Lewis Controller |
Signature | Title | |||||||
/s/ SARDAR BIGLARI | Chairman of the Board and Chief Executive Officer (Principal Executive Officer) | |||||||
Sardar Biglari | ||||||||
/s/ BRUCE LEWIS | Controller (Principal Financial and Accounting Officer) | |||||||
Bruce Lewis | ||||||||
/s/ JOHN G. CARDWELL | Director | |||||||
John G. Cardwell | ||||||||
/s/ PHILIP COOLEY | Director – Vice Chairman | |||||||
Philip Cooley | ||||||||
/s/ KENNETH R. COOPER | Director | |||||||
Kenneth R. Cooper | ||||||||
/s/ RUTH J. PERSON | Director | |||||||
Ruth J. Person | ||||||||
/s/ EDMUND B. CAMPBELL, III | Director | |||||||
Edmund B. Campbell, III | ||||||||
Exhibit Number | Description | |||||||
104 | Cover page Interactive Data File (embedded within the Inline XBRL document) |
Date: March 31, 2023 | ||||||||
/s/ Sardar Biglari | ||||||||
Sardar Biglari Chairman and Chief Executive Officer |
Date: March 31, 2023 | ||||||||
/s/ Bruce Lewis | ||||||||
Bruce Lewis Controller |
/s/ Sardar Biglari | |||||
Sardar Biglari Chairman and Chief Executive Officer | |||||
March 31, 2023 |
/s/ Bruce Lewis | |||||
Bruce Lewis Controller | |||||
March 31, 2023 |
The Lion Fund II, L.P. | ||||||||
By: | Biglari Capital Corp., its general partner | |||||||
By: | /s/ Sardar Biglari | |||||||
Name: Sardar Biglari | ||||||||
Title: Chairman and Chief Executive Officer | ||||||||
March 31, 2023 | ||||||||
Audit Information |
12 Months Ended |
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Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Firm ID | 34 |
Auditor Location | Austin, Texas |
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