Institutional HoldersBeta

Who holds a company, from every 13F filed for the quarter, one row per filer exactly as filed, against the latest share count the company reported.

Biglari Holdings Inc.

CIK 0001726173BHBH-A· quarter ending 2026-06-30

Shares outstanding

2,326,550

as of 2026-08-06 · 10-Q cover page, filed 2026-08-07

Held by 13F filers

2,213,613

across share classes — see % per class below

Holders

129

+1 vs 2026-03-31 · 25 new, 24 exited

Value

$1.3B

shares -1.6% vs prior quarter

13F holdings exceed the share count. This is normal for heavily shorted stocks: shares lent to short sellers are reported by the lender and again by whoever bought them. Related filers occasionally report the same position twice as well.

Share classes (cover page of the 10-Q filed 2026-08-07, as of 2026-08-06)

Class	Listed	Shares outstanding	Held by 13F filers	% of class	Holders	CUSIP
Common Class A	BH.A · NYSETX	214,482	217,100	101.2%	58	08986R408
Common Class B	BH · NYSETX	2,112,068	1,996,513	94.5%	113	08986R309

Each class is compared with its own share count; classes are not added together. A class that is not exchange-listed cannot be held by 13F filers.

Securities (CUSIPs held in 13F this quarter)

tick to combine

CUSIP	Class (as filers write it)	Holders	Shares held	Class shares	% of class	Value	Options	Mapped via
08986R309	COM STK CL B	113	1,996,513	2,112,068	94.5%	$850.5M	—	NPORT	holders →
08986R408	COM STK CL A	58	217,100	214,482	101.2%	$456.9M	—	13DG	holders →
08986R101	COMnot common	1	1,934	—	—	$824K	—	prefix	holders →

Totals combine the ticked CUSIPs and update as you tick: common-stock classes by default; preferreds, notes, warrants and depositary shares are listed but not counted. "holders →" shows a single CUSIP on its own. Bonds are held as a principal amount, not shares. Options positions are never counted as holdings.

Top holders (129 of 129 · 08986R309, 08986R408)

change vs 2026-03-31

#	Filer	Shares	% of class	Value	Change
1	BIGLARI CAPITAL CORP.	1,626,711	—	$952.3M	+54,952 (+3.5%)
2	DIMENSIONAL FUND ADVISORS LP	112,010	—	$57.4M	+3,970 (+3.7%)
3	BlackRock, Inc.	51,549	—	$31.0M	+3,813 (+8.0%)
4	TWO SIGMA INVESTMENTS, LP	50,618	—	$21.6M	+42,023 (+488.9%)
5	RENAISSANCE TECHNOLOGIES LLC	34,692	—	$25.0M	+7,190 (+26.1%)
6	MARSHALL WACE, LLP	33,252	—	$17.9M	-1,313 (-3.8%)
7	VANGUARD CAPITAL MANAGEMENT LLC	30,622	—	$17.1M	-1,260 (-4.0%)
8	MILLENNIUM MANAGEMENT LLC	26,774	—	$11.4M	+8,272 (+44.7%)
9	GEODE CAPITAL MANAGEMENT, LLC	16,811	—	$10.3M	+1,915 (+12.9%)
10	Trexquant Investment LP	14,559	—	$6.2M	-9,498 (-39.5%)
11	STATE STREET CORP	13,681	—	$7.3M	-822 (-5.7%)
12	Connor, Clark & Lunn Investment Management Ltd.	12,309	—	$5.2M	+970 (+8.6%)
13	JANE STREET GROUP, LLC	11,176	—	$13.2M	-6,233 (-35.8%)
14	GAMCO INVESTORS, INC. ET AL	11,038	—	$23.2M	-191 (-1.7%)
15	AQR CAPITAL MANAGEMENT LLC	9,490	—	$4.0M	+3,556 (+59.9%)
16	Qube Research & Technologies Ltd	8,775	—	$3.7M	-13,803 (-61.1%)
17	JPMORGAN CHASE & CO	7,873	—	$3.5M	-4,435 (-36.0%)
18	VANGUARD PORTFOLIO MANAGEMENT LLC	7,706	—	$3.9M	+108 (+1.4%)
19	CHARLES SCHWAB INVESTMENT MANAGEMENT INC	7,703	—	$3.3M	+864 (+12.6%)
20	NORTHERN TRUST CORP	7,607	—	$4.0M	+533 (+7.5%)
21	HRT FINANCIAL LP	6,481	—	$2.8M	+5,949 (+1118.2%)
22	Pacer Advisors, Inc.	5,829	—	$2.5M	+483 (+9.0%)
23	XTX Topco Ltd	5,464	—	$4.0M	-6,076 (-52.7%)
24	Nuveen, LLC	5,232	—	$2.6M	+987 (+23.3%)
25	UBS Group AG	4,913	—	$7.6M	+2,708 (+122.8%)
26	VANGUARD FIDUCIARY TRUST CO	4,699	—	$2.6M	+125 (+2.7%)
27	FIRST TRUST ADVISORS LP	4,481	—	$9.4M	NEW
28	Point72 Asset Management, L.P.	4,189	—	$1.8M	-1,506 (-26.4%)
29	Y-Intercept (Hong Kong) Ltd	4,055	—	$1.7M	-205 (-4.8%)
30	GSA CAPITAL PARTNERS LLP	3,856	—	$1.6M	+1,721 (+80.6%)
31	CHECK CAPITAL MANAGEMENT INC/CA	3,124	—	$6.6M	+1,546 (+98.0%)
32	SUSQUEHANNA INTERNATIONAL GROUP, LLP	3,104	—	$1.5M	NEW
33	CITADEL ADVISORS LLC	2,980	—	$1.3M	NEW
34	MORGAN STANLEY	2,944	—	$1.6M	-565 (-16.1%)
35	VICTORY CAPITAL MANAGEMENT INC	2,745	—	$5.8M	+768 (+38.8%)
36	BRIDGEWAY CAPITAL MANAGEMENT, LLC	2,625	—	$1.1M	-2,360 (-47.3%)
37	BARCLAYS PLC	2,586	—	$1.1M	+307 (+13.5%)
38	O'SHAUGHNESSY ASSET MANAGEMENT, LLC	2,414	—	$1.0M	-1,702 (-41.4%)
39	STRS OHIO	2,400	—	$1.7M	+500 (+26.3%)
40	Bank of New York Mellon Corp	2,212	—	$1.3M	+539 (+32.2%)
41	ALLIANCEBERNSTEIN L.P.	2,131	—	$985K	+1,200 (+128.9%)
42	BANK OF AMERICA CORP /DE/	2,039	—	$869K	+752 (+58.4%)
43	Engineers Gate Manager LP	1,920	—	$818K	+1,722 (+869.7%)
44	Invesco Ltd.	1,830	—	$780K	-18,108 (-90.8%)
45	Rathbones Group PLC	1,700	—	$724K	-1,700 (-50.0%)
46	RITHOLTZ WEALTH MANAGEMENT	1,672	—	$712K	-839 (-33.4%)
47	Jump Financial, LLC	1,640	—	$699K	NEW
48	HSBC HOLDINGS PLC	1,626	—	$702K	+103 (+6.8%)
49	Centiva Capital, LP	1,570	—	$669K	NEW
50	GABELLI FUNDS LLC	1,560	—	$3.3M	—
51	Lotus Technology Management, LP	1,534	—	$654K	NEW
52	STATE OF WISCONSIN INVESTMENT BOARD	1,487	—	$634K	NEW
53	JACOBS LEVY EQUITY MANAGEMENT, INC	1,451	—	$618K	—
54	LPL Financial LLC	1,130	—	$481K	—
55	AMERICAN CENTURY COMPANIES INC	1,116	—	$475K	—
56	MARTINGALE ASSET MANAGEMENT L P	1,101	—	$469K	—
57	DARK FOREST CAPITAL MANAGEMENT LP	1,067	—	$2.2M	-3,269 (-75.4%)
58	INCEPTIONR LLC	1,048	—	$446K	+913 (+676.3%)
59	D. E. Shaw & Co., Inc.	1,019	—	$434K	-4,551 (-81.7%)
60	OCCUDO QUANTITATIVE STRATEGIES LP	1,014	—	$432K	+203 (+25.0%)
61	RHUMBLINE ADVISERS	928	—	$521K	+76 (+8.9%)
62	Dynamic Technology Lab Private Ltd	921	—	$392K	NEW
63	Susquehanna Portfolio Strategies, LLC	853	—	$363K	NEW
64	DEUTSCHE BANK AG\	726	—	$400K	+307 (+73.3%)
65	Squarepoint Ops LLC	663	—	$282K	NEW
66	WELLS FARGO & COMPANY/MN	638	—	$347K	+353 (+123.9%)
67	CANADA PENSION PLAN INVESTMENT BOARD	560	—	$239K	NEW
68	NEW YORK STATE COMMON RETIREMENT FUND	526	—	$392K	+100 (+23.5%)
69	PRICE T ROWE ASSOCIATES INC /MD/	482	—	$206K	NEW
70	MetLife Investment Management, LLC	441	—	$188K	—
71	Russell Investments Group, Ltd.	432	—	$191K	+329 (+319.4%)
72	CITIGROUP INC	410	—	$228K	+91 (+28.5%)
73	Balyasny Asset Management L.P.	395	—	$831K	-463 (-54.0%)
74	BARTLETT & CO. WEALTH MANAGEMENT LLC	392	—	$167K	—
75	State of Alaska, Department of Revenue	353	—	$150K	—
76	MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	341	—	$189K	+16 (+4.9%)
77	PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO	320	—	$136K	—
78	SG Americas Securities, LLC	306	—	$130K	-1,211 (-79.8%)
79	BNP PARIBAS FINANCIAL MARKETS	242	—	$130K	+80 (+49.4%)
80	FMR LLC	228	—	$256K	-101 (-30.7%)
81	GOLDMAN SACHS GROUP INC	223	—	$469K	-9,457 (-97.7%)
82	Police & Firemen's Retirement System of New Jersey	196	—	$125K	+25 (+14.6%)
83	Vanguard Global Advisers, LLC	173	—	$183K	-55 (-24.1%)
84	Brevan Howard Capital Management LP	170	—	$358K	-625 (-78.6%)
85	EntryPoint Capital, LLC	166	—	$349K	-2,283 (-93.2%)
86	Blueshift Asset Management, LLC	125	—	$263K	NEW
87	ROYAL BANK OF CANADA	118	—	$60K	+28 (+31.1%)
88	SEI INVESTMENTS CO	115	—	$242K	NEW
89	Shay Capital LLC	108	—	$227K	-1,807 (-94.4%)
90	Virtu Financial LLC	103	—	$215K	NEW
91	Rockefeller Capital Management L.P.	85	—	$36K	—
92	Quantbot Technologies LP	82	—	$173K	-181 (-68.8%)
93	Legal & General Group Plc	82	—	$40K	+17 (+26.2%)
94	FIFTH THIRD BANCORP	77	—	$45K	—
95	SIGNATUREFD, LLC	74	—	$32K	NEW
96	JONES FINANCIAL COMPANIES LLLP	67	—	$27K	-76 (-53.1%)
97	Ameritas Investment Partners, Inc.	61	—	$34K	+5 (+8.9%)
98	SIMS INVESTMENT MANAGEMENT, LLC	50	—	$21K	NEW
99	Larson Financial Group LLC	50	—	$21K	—
100	Tower Research Capital LLC (TRC)	48	—	$24K	-62 (-56.4%)
101	HOEY INVESTMENTS, INC	39	—	$17K	—
102	Global Retirement Partners, LLC	32	—	$15K	NEW
103	Parallel Advisors, LLC	31	—	$13K	+26 (+520.0%)
104	North Star Investment Management Corp.	28	—	$15K	—
105	Farther Finance Advisors, LLC	27	—	$12K	-5 (-15.6%)
106	Sterling Capital Management LLC	26	—	$14K	-8 (-23.5%)
107	MPWM ADVISORY SOLUTIONS, LLC	20	—	$9K	—
108	Allworth Financial LP	15	—	$6K	+11 (+275.0%)
109	OSAIC HOLDINGS, INC.	13	—	$6K	-449 (-97.2%)
110	UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	13	—	$6K	-2,960 (-99.6%)
111	EverSource Wealth Advisors, LLC	12	—	$5K	+1 (+9.1%)
112	US BANCORP \DE\	12	—	$5K	NEW
113	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	11	—	$5K	—
114	CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	9	—	$4K	-28 (-75.7%)
115	Arax Advisory Partners	8	—	$3K	NEW
116	GAMMA Investing LLC	7	—	$3K	-1 (-12.5%)
117	Optiver Holding B.V.	6	—	$3K	—
118	COUNTRY TRUST BANK	5	—	$2K	—
119	BELLEVUE ASSET MANAGEMENT, LLC	4	—	$2K	NEW
120	Essential Partners LLC	4	—	$2K	NEW
121	Hughes Financial Services, LLC	4	—	$2K	NEW
122	IFP Advisors, Inc	4	—	$2K	—
123	Covestor Ltd	2	—	$4K	NEW
124	NISA INVESTMENT ADVISORS, LLC	2	—	$852	—
125	Wealth Enhancement Trust Services, Inc.	1	—	$426	NEW
126	Smartleaf Asset Management LLC	1	—	$437	—
127	SALEM INVESTMENT COUNSELORS INC	1	—	$427	—
128	SBI Securities Co., Ltd.	1	—	$426	—
129	ROTHSCHILD INVESTMENT LLC	1	—	$426	—

Exited since 2026-03-31 (24 filers; largest 24 shown)

Swiss Life Asset Management Ltd	−66,094
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	−11,724
TUDOR INVESTMENT CORP ET AL	−9,700
Quadrature Capital Ltd	−5,240
Logan Stone Capital, LLC	−3,095
VOLORIDGE INVESTMENT MANAGEMENT, LLC	−2,686
Freestone Grove Partners LP	−1,508
Swiss National Bank	−1,440
Huntleigh Advisors, Inc.	−1,401
Polymer Capital Management (US) LLC	−988
CenterBook Partners LP	−853
Aquatic Capital Management LLC	−822
Brooklyn Investment Group	−700
VANGUARD ASSET MANAGEMENT, Ltd	−487
Vanguard Investments Australia, Ltd.	−312
Caitong International Asset Management Co., Ltd	−268
KLP KAPITALFORVALTNING AS	−160
CWM, LLC	−154
Man Group plc	−128
Marex Group plc	−119
Caitlin John, LLC	−15
MAI Capital Management	−5
True Wealth Design, LLC	−1
Basecamp Wealth Advisors LLC	−1

Large holders from 13D/13G (latest per reporting person, last 2 years)

Filed when a holder crosses 5% or changes materially, so often more current than the quarter-end 13F. Percentages are the filer's own, against the share count they used.

Reporting person	Form	Filed	Event	Shares	% of class
Associated Capital Group, Inc.	SCHEDULE 13D/A	2025-10-21	2025-10-20	0	0%
GABELLI FUNDS LLC	SCHEDULE 13D/A	2025-10-21	2025-10-20	1,560	0.8%
GABELLI MARIO J	SCHEDULE 13D/A	2025-10-21	2025-10-20	0	0%
GAMCO Asset Management Inc.	SCHEDULE 13D/A	2025-10-21	2025-10-20	11,875	5.7%
GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	2025-10-21	2025-10-20	0	0%
GGCP, INC.	SCHEDULE 13D/A	2025-10-21	2025-10-20	0	0%
BIGLARI CAPITAL CORP.	SCHEDULE 13D/A	2024-12-20	2024-12-17	153,677.8	74.3%
BIGLARI, SARDAR	SCHEDULE 13D/A	2024-12-20	2024-12-17	153,677.9	74.3%
LION FUND, L.P.	SCHEDULE 13D/A	2024-12-20	2024-12-17	128,014.7	61.9%

Source: SEC Form 13F-HR information tables for the quarter ending 2026-06-30 (filed within 45 days of quarter end; amendments applied; values normalised to dollars), the share count from the company's latest 10-K/10-Q XBRL cover page, and Schedule 13D/13G filings. Each row is a legal 13F filer as filed — related entities (e.g. Vanguard's advisers) are not merged. Retail brokerage accounts are not reported on 13F, so the remainder is mostly retail and insiders.