Biglari Holdings Inc.
BH- Exchange
- NYSE
- Industry
- Retail-Eating Places
- SEC CIK
- 0001726173
No open-market purchases or sales by Biglari Holdings Inc. insiders were filed in the last 90 days; 113 institutions reported holding it in 13F filings for Q2 2026, worth $850.5M in total; no superinvestor holds it.
Other share classesBH.A
13F holders, Q4 2025
Institutional positions in Biglari Holdings Inc. as of Dec 31, 2025. Investment managers with $100 million or more in US stocks report their long positions on Form 13F within 45 days after each quarter ends. How 13F works
- Institutional holders
- 106
- +10 vs. Q3 2025
- Shares held
- 1.93M
- +40.5K (+2.1%) vs. Q3 2025
- Total value
- $642.0M
- +$30.1M (+4.9%) vs. Q3 2025
- New holders
- 21
- 31 more added
- Sold out
- 11
- 31 more reduced
1 institution that held it in Q3 2025 haven't filed for Q4 2025 yet. Not filing isn't selling, so they aren't counted as sold out or in the changes above.
Compare with Q3 2025: new holders, sold out and not filed yet
Holders and value by quarter
Institutions reporting BH on Form 13F each quarter since Q1 2021, and the total value they reported. Values are as of each quarter end, so they also move with the share price.
| Quarter | Holders | Value |
|---|---|---|
| Q2 2026 | 113 | $850.5M |
| Q1 2026 | 116 | $652.9M |
| Q4 2025 | 106 | $642.0M |
| Q3 2025 | 97 | $612.7M |
| Q2 2025 | 92 | $534.5M |
| Q1 2025 | 75 | $389.0M |
| Q4 2024 | 75 | $454.5M |
| Q3 2024 | 69 | $293.0M |
| Q2 2024 | 72 | $328.7M |
| Q1 2024 | 68 | $320.7M |
| Q4 2023 | 68 | $278.2M |
| Q3 2023 | 67 | $275.8M |
| Q2 2023 | 72 | $330.1M |
| Q1 2023 | 72 | $279.2M |
| Q4 2022 | 60 | $226.8M |
| Q3 2022 | 56 | $189.0M |
| Q2 2022 | 63 | $202.5M |
| Q1 2022 | 67 | $243.1M |
| Q4 2021 | 65 | $244.7M |
| Q3 2021 | 76 | $289.8M |
| Q2 2021 | 72 | $268.1M |
| Q1 2021 | 70 | $226.0M |
Institutions, Q4 2025
Shares, value and share of portfolio for each institution holding Biglari Holdings Inc.; share changes are against Q3 2025.
| Institution | Shares | Value | % of portfolio | Change in shares | Action |
|---|---|---|---|---|---|
| Biglari Capital Corp. | 1,407,568 | $467.9M | 50.17% | +13,131+0.9% | Added |
| Dimensional Fund Advisors LP | 102,190 | $34.0M | 0.01% | +1,371+1.4% | Added |
| BlackRock, Inc. | 49,843 | $16.6M | 0.00% | −4,062−7.5% | Reduced |
| Vanguard Group Inc | 39,931 | $13.3M | 0.00% | +1,829+4.8% | Added |
| Arrowstreet Capital, Limited Partnership | 25,048 | $8.33M | 0.00% | +10,423+71.3% | Added |
| Invesco Ltd. | 24,013 | $7.98M | 0.00% | −16,430−40.6% | Reduced |
| Qube Research & Technologies Ltd | 20,391 | $6.78M | 0.01% | +15,580+323.8% | Added |
| Bridgeway Capital Management, LLC | 17,676 | $5.88M | 0.12% | +732+4.3% | Added |
| JPMorgan Chase & Co | 16,067 | $5.34M | 0.00% | −16,589−50.8% | Reduced |
| Geode Capital Management, LLC | 14,632 | $4.87M | 0.00% | +211+1.5% | Added |
| State Street Corp | 13,164 | $4.38M | 0.00% | −2,686−16.9% | Reduced |
| Peapod Lane Capital LLC | 12,399 | $4.12M | 3.51% | +90+0.7% | Added |
| Empowered Funds, LLC | 11,607 | $3.86M | 0.07% | +863+8.0% | Added |
| Connor, Clark & Lunn Investment Management Ltd. | 11,022 | $3.66M | 0.01% | −6−0.1% | Reduced |
| Renaissance Technologies LLC | 10,970 | $3.65M | 0.01% | −4,406−28.7% | Reduced |
| Point72 Asset Management, L.P. | 10,690 | $3.55M | 0.01% | +9,228+631.2% | Added |
| Millennium Management LLC | 10,548 | $3.51M | 0.00% | +10,548 | New |
| Goldman Sachs Group Inc | 9,173 | $3.05M | 0.00% | +5,037+121.8% | Added |
| Citadel Advisors LLC | 8,671 | $2.88M | 0.00% | +8,671 | New |
| Trexquant Investment LP | 7,953 | $2.64M | 0.02% | +7,953 | New |
| Two Sigma Investments, LP | 7,654 | $2.54M | 0.00% | −3,909−33.8% | Reduced |
| Charles Schwab Investment Management Inc | 7,027 | $2.34M | 0.00% | −184−2.6% | Reduced |
| Northern Trust Corp | 6,609 | $2.20M | 0.00% | −520−7.3% | Reduced |
| Pacer Advisors, Inc. | 6,099 | $2.03M | 0.01% | −371−5.7% | Reduced |
| Morgan Stanley | 6,001 | $2.00M | 0.00% | −8,561−58.8% | Reduced |
| AQR Capital Management LLC | 5,862 | $1.95M | 0.00% | +2,683+84.4% | Added |
| O'Shaughnessy Asset Management, LLC | 5,245 | $1.74M | 0.01% | −858−14.1% | Reduced |
| UBS Group AG | 3,922 | $1.30M | 0.00% | −68−1.7% | Reduced |
| Ritholtz Wealth Management | 3,497 | $1.16M | 0.02% | −160−4.4% | Reduced |
| Nuveen, LLC | 3,374 | $1.12M | 0.00% | −303−8.2% | Reduced |
| Los Angeles Capital Management LLC | 2,532 | $916.8K | 0.00% | −16−0.6% | Reduced |
| Occudo Quantitative Strategies LP | 2,381 | $791.5K | 0.05% | +1,370+135.5% | Added |
| State of Wisconsin Investment Board | 2,366 | $786.5K | 0.00% | +778+49.0% | Added |
| Susquehanna International Group, LLP | 2,321 | $771.6K | 0.00% | +2,321 | New |
| Rathbone Brothers plc | 2,300 | $764.6K | 0.00% | 00.0% | Unchanged |
| Caxton Associates LLP | 2,126 | $706.7K | 0.01% | +2,126 | New |
| LPL Financial LLC | 2,052 | $682.1K | 0.00% | +138+7.2% | Added |
| STRS Ohio | 1,800 | $598.4K | 0.00% | 00.0% | Unchanged |
| Bank of New York Mellon Corp | 1,784 | $592.9K | 0.00% | −145−7.5% | Reduced |
| Susquehanna Portfolio Strategies, LLC | 1,647 | $547.5K | 0.01% | +1,647 | New |
| Logan Stone Capital, LLC | 1,620 | $538.5K | 0.13% | +1,620 | New |
| Quadrature Capital Ltd | 1,593 | $529.6K | 0.01% | +1,593 | New |
| Alliancebernstein L.P. | 1,501 | $499.0K | 0.00% | 00.0% | Unchanged |
| HSBC Holdings PLC | 1,501 | $498.2K | 0.00% | +1,501 | New |
| Jacobs Levy Equity Management, Inc | 1,451 | $482.4K | 0.00% | 00.0% | Unchanged |
| Barclays PLC | 1,385 | $460.4K | 0.00% | −767−35.6% | Reduced |
| Gsa Capital Partners LLP | 1,342 | $446.0K | 0.04% | −958−41.7% | Reduced |
| Skopos Labs, Inc. | 1,180 | $413.9K | 0.02% | +1,180 | New |
| Saber Capital Managment, LLC | 1,215 | $403.9K | 0.34% | +1,215 | New |
| Polymer Capital Management (US) LLC | 1,171 | $389.3K | 0.05% | +1,171 | New |
| Citigroup Inc | 1,161 | $386.0K | 0.00% | +98+9.2% | Added |
| American Century Companies Inc | 1,116 | $371.0K | 0.00% | 00.0% | Unchanged |
| Martingale Asset Management L P | 1,101 | $366.0K | 0.01% | −1,051−48.8% | Reduced |
| Inceptionr LLC | 1,061 | $352.7K | 0.10% | +1,061 | New |
| Quest Partners LLC | 961 | $319.5K | 0.02% | +867+922.3% | Added |
| Rhumbline Advisers | 850 | $282.6K | 0.00% | −171−16.7% | Reduced |
| Wells Fargo & Company | 785 | $261.0K | 0.00% | +68+9.5% | Added |
| Balyasny Asset Management LLC | 774 | $257.3K | 0.00% | −7−0.9% | Reduced |
| Shay Capital LLC | 750 | $249.3K | 0.04% | +750 | New |
| EntryPoint Capital, LLC | 741 | $246.3K | 0.10% | +741 | New |
| Bank of America Corp | 730 | $242.7K | 0.00% | +251+52.4% | Added |
| Marshall Wace, LLP | 704 | $234.0K | 0.00% | +704 | New |
| Schonfeld Strategic Advisors LLC | 684 | $227.4K | 0.00% | +684 | New |
| Squarepoint Ops LLC | 643 | $213.8K | 0.00% | +643 | New |
| Bartlett & Co. Wealth Management LLC | 503 | $167.2K | 0.00% | 00.0% | Unchanged |
| MetLife Investment Management | 441 | $146.6K | 0.00% | −18−3.9% | Reduced |
| New York State Common Retirement Fund | 426 | $141.6K | 0.00% | −100−19.0% | Reduced |
| Deutsche Bank AG | 419 | $139.3K | 0.00% | +55+15.1% | Added |
| FMR LLC | 362 | $120.4K | 0.00% | +173+91.5% | Added |
| State of Alaska, Department of Revenue | 353 | $117.0K | 0.00% | +193+120.6% | Added |
| Mirae Asset Global ETFs Holdings Ltd. | 325 | $108.0K | 0.00% | +12+3.8% | Added |
| Public Employees Retirement Association of Colorado | 320 | $106.0K | 0.00% | 00.0% | Unchanged |
| Caitong International Asset Management Co., Ltd | 207 | $68.8K | 0.02% | +165+392.9% | Added |
| Police & Firemen's Retirement System of New Jersey | 171 | $56.8K | 0.00% | 00.0% | Unchanged |
| BNP Paribas Arbitrage, SA | 158 | $52.5K | 0.00% | +20+14.5% | Added |
| CWM, LLC | 141 | $47.0K | 0.00% | +44+45.4% | Added |
| Royal Bank of Canada | 142 | $47.0K | 0.00% | +76+115.2% | Added |
| Jones Financial Companies LLLP | 91 | $30.3K | 0.00% | +2+2.2% | Added |
| Russell Investments Group, Ltd. | 80 | $26.6K | 0.00% | −5−5.9% | Reduced |
| Comerica Bank | 70 | $23.3K | 0.00% | 00.0% | Unchanged |
| Legal & General Group Plc | 65 | $21.6K | 0.00% | 00.0% | Unchanged |
| Farther Finance Advisors, LLC | 59 | $19.6K | 0.00% | +59 | New |
| Ameritas Investment Partners, Inc. | 56 | $18.6K | 0.00% | −24−30.0% | Reduced |
| Larson Financial Group LLC | 50 | $16.6K | 0.00% | 00.0% | Unchanged |
| Sterling Capital Management LLC | 49 | $16.3K | 0.00% | −8−14.0% | Reduced |
| Tower Research Capital LLC (TRC) | 45 | $15.0K | 0.00% | −18−28.6% | Reduced |
| California State Teachers Retirement System | 42 | $14.0K | 0.00% | −11−20.8% | Reduced |
| Hoey Investments, Inc | 39 | $13.0K | 0.00% | 00.0% | Unchanged |
| North Star Investment Management Corp. | 26 | $8.64K | 0.00% | 00.0% | Unchanged |
| Optiver Holding B.V. | 22 | $7.31K | 0.00% | +10+83.3% | Added |
| Amalgamated Bank | 21 | $7.00K | 0.00% | −4−16.0% | Reduced |
| Global Retirement Partners, LLC | 19 | $6.32K | 0.00% | 00.0% | Unchanged |
| Rockefeller Capital Management L.P. | 17 | $5.65K | 0.00% | +17 | New |
| Caitlin John, LLC | 15 | $4.99K | 0.00% | 00.0% | Unchanged |
| Advisor Group Holdings, Inc. | 14 | $4.65K | 0.00% | −444−96.9% | Reduced |
| EverSource Wealth Advisors, LLC | 11 | $3.66K | 0.00% | +2+22.2% | Added |
| GAMMA Investing LLC | 8 | $2.66K | 0.00% | 00.0% | Unchanged |
| Country Trust Bank | 5 | $1.66K | 0.00% | 00.0% | Unchanged |
| CIBC Private Wealth Group, LLC | 4 | $1.33K | 0.00% | 00.0% | Unchanged |
| IFP Advisors, Inc | 4 | $1.33K | 0.00% | +3+300.0% | Added |