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 |
|---|---|---|---|---|---|
| SBI Securities Co., Ltd. | 1 | $332 | 0.00% | 00.0% | Unchanged |
| Rothschild Investment LLC | 1 | $332 | 0.00% | +1 | New |
| True Wealth Design, LLC | 1 | $333 | 0.00% | 00.0% | Unchanged |
| Smartleaf Asset Management LLC | 1 | $338 | 0.00% | 00.0% | Unchanged |
| Nisa Investment Advisors, LLC | 2 | $665 | 0.00% | 00.0% | Unchanged |
| American Capital Advisory, LLC | 3 | $998 | 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 |
| Country Trust Bank | 5 | $1.66K | 0.00% | 00.0% | Unchanged |
| GAMMA Investing LLC | 8 | $2.66K | 0.00% | 00.0% | Unchanged |
| EverSource Wealth Advisors, LLC | 11 | $3.66K | 0.00% | +2+22.2% | Added |
| Advisor Group Holdings, Inc. | 14 | $4.65K | 0.00% | −444−96.9% | Reduced |
| Caitlin John, LLC | 15 | $4.99K | 0.00% | 00.0% | Unchanged |
| Rockefeller Capital Management L.P. | 17 | $5.65K | 0.00% | +17 | New |
| Global Retirement Partners, LLC | 19 | $6.32K | 0.00% | 00.0% | Unchanged |
| Amalgamated Bank | 21 | $7.00K | 0.00% | −4−16.0% | Reduced |
| Optiver Holding B.V. | 22 | $7.31K | 0.00% | +10+83.3% | Added |
| North Star Investment Management Corp. | 26 | $8.64K | 0.00% | 00.0% | Unchanged |
| Hoey Investments, Inc | 39 | $13.0K | 0.00% | 00.0% | Unchanged |
| California State Teachers Retirement System | 42 | $14.0K | 0.00% | −11−20.8% | Reduced |
| Tower Research Capital LLC (TRC) | 45 | $15.0K | 0.00% | −18−28.6% | Reduced |
| Sterling Capital Management LLC | 49 | $16.3K | 0.00% | −8−14.0% | Reduced |
| Larson Financial Group LLC | 50 | $16.6K | 0.00% | 00.0% | Unchanged |
| Ameritas Investment Partners, Inc. | 56 | $18.6K | 0.00% | −24−30.0% | Reduced |
| Farther Finance Advisors, LLC | 59 | $19.6K | 0.00% | +59 | New |
| Legal & General Group Plc | 65 | $21.6K | 0.00% | 00.0% | Unchanged |
| Comerica Bank | 70 | $23.3K | 0.00% | 00.0% | Unchanged |
| Russell Investments Group, Ltd. | 80 | $26.6K | 0.00% | −5−5.9% | Reduced |
| Jones Financial Companies LLLP | 91 | $30.3K | 0.00% | +2+2.2% | 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 |
| BNP Paribas Arbitrage, SA | 158 | $52.5K | 0.00% | +20+14.5% | Added |
| Police & Firemen's Retirement System of New Jersey | 171 | $56.8K | 0.00% | 00.0% | Unchanged |
| Caitong International Asset Management Co., Ltd | 207 | $68.8K | 0.02% | +165+392.9% | Added |
| Public Employees Retirement Association of Colorado | 320 | $106.0K | 0.00% | 00.0% | Unchanged |
| Mirae Asset Global ETFs Holdings Ltd. | 325 | $108.0K | 0.00% | +12+3.8% | Added |
| State of Alaska, Department of Revenue | 353 | $117.0K | 0.00% | +193+120.6% | Added |
| FMR LLC | 362 | $120.4K | 0.00% | +173+91.5% | Added |
| Deutsche Bank AG | 419 | $139.3K | 0.00% | +55+15.1% | Added |
| New York State Common Retirement Fund | 426 | $141.6K | 0.00% | −100−19.0% | Reduced |
| MetLife Investment Management | 441 | $146.6K | 0.00% | −18−3.9% | Reduced |
| Bartlett & Co. Wealth Management LLC | 503 | $167.2K | 0.00% | 00.0% | Unchanged |
| Squarepoint Ops LLC | 643 | $213.8K | 0.00% | +643 | New |
| Schonfeld Strategic Advisors LLC | 684 | $227.4K | 0.00% | +684 | New |
| Marshall Wace, LLP | 704 | $234.0K | 0.00% | +704 | New |
| Bank of America Corp | 730 | $242.7K | 0.00% | +251+52.4% | Added |
| EntryPoint Capital, LLC | 741 | $246.3K | 0.10% | +741 | New |
| Shay Capital LLC | 750 | $249.3K | 0.04% | +750 | New |
| Balyasny Asset Management LLC | 774 | $257.3K | 0.00% | −7−0.9% | Reduced |
| Wells Fargo & Company | 785 | $261.0K | 0.00% | +68+9.5% | Added |
| Rhumbline Advisers | 850 | $282.6K | 0.00% | −171−16.7% | Reduced |
| Quest Partners LLC | 961 | $319.5K | 0.02% | +867+922.3% | Added |
| Inceptionr LLC | 1,061 | $352.7K | 0.10% | +1,061 | New |
| Martingale Asset Management L P | 1,101 | $366.0K | 0.01% | −1,051−48.8% | Reduced |
| American Century Companies Inc | 1,116 | $371.0K | 0.00% | 00.0% | Unchanged |
| Citigroup Inc | 1,161 | $386.0K | 0.00% | +98+9.2% | Added |
| Polymer Capital Management (US) LLC | 1,171 | $389.3K | 0.05% | +1,171 | New |
| Saber Capital Managment, LLC | 1,215 | $403.9K | 0.34% | +1,215 | New |
| Skopos Labs, Inc. | 1,180 | $413.9K | 0.02% | +1,180 | New |
| Gsa Capital Partners LLP | 1,342 | $446.0K | 0.04% | −958−41.7% | Reduced |
| Barclays PLC | 1,385 | $460.4K | 0.00% | −767−35.6% | Reduced |
| Jacobs Levy Equity Management, Inc | 1,451 | $482.4K | 0.00% | 00.0% | Unchanged |
| HSBC Holdings PLC | 1,501 | $498.2K | 0.00% | +1,501 | New |
| Alliancebernstein L.P. | 1,501 | $499.0K | 0.00% | 00.0% | Unchanged |
| Quadrature Capital Ltd | 1,593 | $529.6K | 0.01% | +1,593 | New |
| Logan Stone Capital, LLC | 1,620 | $538.5K | 0.13% | +1,620 | New |
| Susquehanna Portfolio Strategies, LLC | 1,647 | $547.5K | 0.01% | +1,647 | New |
| Bank of New York Mellon Corp | 1,784 | $592.9K | 0.00% | −145−7.5% | Reduced |
| STRS Ohio | 1,800 | $598.4K | 0.00% | 00.0% | Unchanged |
| LPL Financial LLC | 2,052 | $682.1K | 0.00% | +138+7.2% | Added |
| Caxton Associates LLP | 2,126 | $706.7K | 0.01% | +2,126 | New |
| Rathbone Brothers plc | 2,300 | $764.6K | 0.00% | 00.0% | Unchanged |
| Susquehanna International Group, LLP | 2,321 | $771.6K | 0.00% | +2,321 | New |
| State of Wisconsin Investment Board | 2,366 | $786.5K | 0.00% | +778+49.0% | Added |
| Occudo Quantitative Strategies LP | 2,381 | $791.5K | 0.05% | +1,370+135.5% | Added |
| Los Angeles Capital Management LLC | 2,532 | $916.8K | 0.00% | −16−0.6% | Reduced |
| Nuveen, LLC | 3,374 | $1.12M | 0.00% | −303−8.2% | Reduced |
| Ritholtz Wealth Management | 3,497 | $1.16M | 0.02% | −160−4.4% | Reduced |
| UBS Group AG | 3,922 | $1.30M | 0.00% | −68−1.7% | Reduced |
| O'Shaughnessy Asset Management, LLC | 5,245 | $1.74M | 0.01% | −858−14.1% | Reduced |
| AQR Capital Management LLC | 5,862 | $1.95M | 0.00% | +2,683+84.4% | Added |
| Morgan Stanley | 6,001 | $2.00M | 0.00% | −8,561−58.8% | Reduced |
| Pacer Advisors, Inc. | 6,099 | $2.03M | 0.01% | −371−5.7% | Reduced |
| Northern Trust Corp | 6,609 | $2.20M | 0.00% | −520−7.3% | Reduced |
| Charles Schwab Investment Management Inc | 7,027 | $2.34M | 0.00% | −184−2.6% | Reduced |
| Two Sigma Investments, LP | 7,654 | $2.54M | 0.00% | −3,909−33.8% | Reduced |
| Trexquant Investment LP | 7,953 | $2.64M | 0.02% | +7,953 | New |
| Citadel Advisors LLC | 8,671 | $2.88M | 0.00% | +8,671 | New |
| Goldman Sachs Group Inc | 9,173 | $3.05M | 0.00% | +5,037+121.8% | Added |
| Millennium Management LLC | 10,548 | $3.51M | 0.00% | +10,548 | New |
| Point72 Asset Management, L.P. | 10,690 | $3.55M | 0.01% | +9,228+631.2% | Added |
| Renaissance Technologies LLC | 10,970 | $3.65M | 0.01% | −4,406−28.7% | Reduced |
| Connor, Clark & Lunn Investment Management Ltd. | 11,022 | $3.66M | 0.01% | −6−0.1% | Reduced |
| Empowered Funds, LLC | 11,607 | $3.86M | 0.07% | +863+8.0% | Added |
| Peapod Lane Capital LLC | 12,399 | $4.12M | 3.51% | +90+0.7% | Added |
| State Street Corp | 13,164 | $4.38M | 0.00% | −2,686−16.9% | Reduced |
| Geode Capital Management, LLC | 14,632 | $4.87M | 0.00% | +211+1.5% | Added |
| JPMorgan Chase & Co | 16,067 | $5.34M | 0.00% | −16,589−50.8% | Reduced |
| Bridgeway Capital Management, LLC | 17,676 | $5.88M | 0.12% | +732+4.3% | Added |
| Qube Research & Technologies Ltd | 20,391 | $6.78M | 0.01% | +15,580+323.8% | Added |