Latest Period
Q4 2025
Security Snapshot
Biglari Holdings Inc. - Class A Common Stock, no par value (BHA) Institutional Ownership
CUSIP: 08986R408
13F Institutional Holders and Ownership History from Q1 2016 to Q1 2026
Institutions Reporting
37
Shares (Excl. Options)
193,707
Price
$1740.05
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- Type / Class
- Equity / Class A Common Stock, no par value
- Symbol
- BHA on NYSE
- Shares outstanding
- 206,834
- Price per share
- $1771.99
- All holders as of 31 Dec 2025
- Q4 2025
- Total 13F shares
- 193,707
- Total reported value
- $337,062,143
- % of total 13F portfolios
- 0%
- Share change
- +1,756
- Value change
- +$3,452,135
- Number of holders
- 37
- Price from insider filings
- $1771.99
Reported Shares, Excluding Options vs Price
Reported Value, Excluding Options
Total Investors
Quick Takeaways
- BHA - Biglari Holdings Inc. - Class A Common Stock, no par value is tracked under CUSIP 08986R408.
- 37 institutions reported positions in Q4 2025.
- 1 significant owner is listed from Schedule 13D/13G reporting.
What Changed
- Holder count moved from 37 to 3 between Q4 2025 and Q1 2026.
- Reported value moved from $337,062,143 to $17,427.
Why This Matters
- You can quickly see who holds this security, then open quarter and manager detail pages for full evidence.
- 13F and Schedule 13D/13G sections are kept together so you can cross-check institutional and beneficial ownership context.
Source Evidence
Source: SEC Form 13F
Open SEC Evidence
Latest holder context comes from 37 institutions filings for Q4 2025.
Investment Quick Answers
What is CUSIP 08986R408?
CUSIP 08986R408 identifies BHA - Biglari Holdings Inc. - Class A Common Stock, no par value in SEC 13F datasets.
Where can I see the latest institutional holders?
Review the Q4 2025 holders report and the ownership history table below.
Next ownership checks
Use the next link that matches the question you still need to answer about this security.
- Latest 13F filings when you want to inspect fresh institutional portfolio moves.
- Latest Schedule 13D/13G reports when you need large-owner changes outside the 13F cycle.
- All institutional ownership pages to compare this security with other holder-history pages.
Recent Quarterly Holder Reports
Open recent reporting periods for CUSIP 08986R408:
Significant Owners of Biglari Holdings Inc. - Class A Common Stock, no par value (BHA) based on Schedule 13D/G filings
| Filer | Ownership | Change % | Holdings Value | Net Change | Nb Shares | Change % | Reporting Name | Report Period |
|---|---|---|---|---|---|---|---|---|
| LION FUND, L.P. | 74% | $163,205,930 | 153,678 | BIGLARI, SARDAR | 17 Dec 2024 |
As of 31 Dec 2025, 37 institutional investors reported holding 193,707 shares of Biglari Holdings Inc. - Class A Common Stock, no par value (BHA). This represents 94% of the company’s total 206,834 outstanding shares.
Top 25 Institutional Shareholders
The largest institutional shareholders of Biglari Holdings Inc. - Class A Common Stock, no par value (BHA) together control 94% of the company’s outstanding shares — a level of ownership often associated with strong institutional conviction and long‑term capital commitment.
| Institution | Ownership % | Shares Held | Share Change % | Portfolio % | Holdings Value |
|---|---|---|---|---|---|
| BIGLARI CAPITAL CORP. | 75% | 154,474 | +0.52% | 29% | $268,793,876 |
| GAMCO INVESTORS, INC. ET AL | 5.7% | 11,857 | -2.4% | 0.2% | $20,631,773 |
| DIMENSIONAL FUND ADVISORS LP | 2.8% | 5,856 | +0.9% | 0% | $10,190,032 |
| RENAISSANCE TECHNOLOGIES LLC | 2% | 4,230 | +20% | 0.01% | $7,360,412 |
| VANGUARD GROUP INC | 1.2% | 2,494 | -16% | 0% | $4,339,684 |
| CHECK CAPITAL MANAGEMENT INC/CA | 1.1% | 2,200 | -0.54% | 0.23% | $3,828,110 |
| Trexquant Investment LP | 0.9% | 1,852 | +162% | 0.03% | $3,222,573 |
| BlackRock, Inc. | 0.76% | 1,579 | +0.96% | 0% | $2,747,539 |
| GABELLI FUNDS LLC | 0.75% | 1,560 | 0% | 0.02% | $2,714,478 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 0.43% | 883 | +1238% | 0% | $1,536,464 |
| GEODE CAPITAL MANAGEMENT, LLC | 0.42% | 860 | -6.7% | 0% | $1,497,090 |
| STATE STREET CORP | 0.37% | 770 | +26% | 0% | $1,339,839 |
| MARSHALL WACE, LLP | 0.33% | 677 | +2.9% | 0% | $1,178,014 |
| GOLDMAN SACHS GROUP INC | 0.27% | 563 | +252% | 0% | $979,648 |
| CITADEL ADVISORS LLC | 0.25% | 508 | -34% | 0% | $883,945 |
| OMERS ADMINISTRATION Corp | 0.24% | 500 | +150% | 0.01% | $870,025 |
| Point72 Asset Management, L.P. | 0.22% | 462 | 0% | $803,903 | |
| MILLENNIUM MANAGEMENT LLC | 0.2% | 408 | +157% | 0% | $709,940 |
| JANE STREET GROUP, LLC | 0.19% | 401 | 0% | $697,761 | |
| HRT FINANCIAL LP | 0.13% | 260 | -59% | 0% | $452,000 |
| JPMORGAN CHASE & CO | 0.12% | 252 | 0% | $438,493 | |
| Aquatic Capital Management LLC | 0.12% | 248 | 0.01% | $431,532 | |
| Balyasny Asset Management L.P. | 0.11% | 228 | 0% | $396,731 | |
| MORGAN STANLEY | 0.07% | 142 | +10% | 0% | $247,087 |
| NORTHERN TRUST CORP | 0.07% | 141 | 0% | $245,347 |
Institutional Holders of Biglari Holdings Inc. - Class A Common Stock, no par value (BHA) across Reporting Periods
| Period | Reported Shares, Excl. Options | Value, Excl. Options | Value Change | Price (Median) | Investors |
|---|---|---|---|---|---|
| 2026 Q1 | 10 | $17,427 | +$12,199 | $1742.71 | 3 |
| 2025 Q4 | 193,707 | $337,062,143 | +$3,452,135 | $1740.05 | 37 |
| 2025 Q3 | 192,352 | $297,184,820 | +$14,425,061 | $1545.00 | 39 |
| 2025 Q2 | 183,050 | $256,336,204 | +$853,879 | $1400.36 | 27 |
| 2025 Q1 | 182,440 | $200,683,648 | +$352,891 | $1099.99 | 22 |
| 2024 Q4 | 182,093 | $232,166,803 | +$7,729,263 | $1274.99 | 24 |
| 2024 Q3 | 176,031 | $146,522,225 | -$139,747 | $832.36 | 23 |
| 2024 Q2 | 176,196 | $160,780,251 | +$260,979 | $912.50 | 22 |
| 2024 Q1 | 175,910 | $170,027,929 | +$401,506 | $925.00 | 20 |
| 2023 Q4 | 175,516 | $139,348,227 | +$253,968 | $793.93 | 18 |
| 2023 Q3 | 175,149 | $146,352,902 | -$339,932 | $836.85 | 18 |
| 2023 Q2 | 175,559 | $166,781,311 | -$850,918 | $950.00 | 19 |
| 2023 Q1 | 176,464 | $146,924,027 | +$350,353 | $831.00 | 20 |
| 2022 Q4 | 176,043 | $121,054,277 | -$813,615 | $689.00 | 17 |
| 2022 Q3 | 177,218 | $108,396,160 | -$68,398 | $580.14 | 18 |
| 2022 Q2 | 177,336 | $104,241,176 | -$2,512,982 | $587.69 | 18 |
| 2022 Q1 | 181,145 | $131,611,431 | +$112,674 | $707.02 | 25 |
| 2021 Q4 | 181,017 | $125,806,070 | -$1,818,760 | $695.00 | 23 |
| 2021 Q3 | 183,638 | $150,582,960 | +$1,640,948 | $820.00 | 24 |
| 2021 Q2 | 167,844 | $130,752,558 | -$3,150,917 | $779.38 | 23 |
| 2021 Q1 | 187,369 | $126,570,372 | -$1,043,415 | $675.45 | 39 |
| 2020 Q4 | 189,013 | $110,571,870 | +$1,047,749 | $584.95 | 41 |
| 2020 Q3 | 187,226 | $91,328,732 | +$1,829,680 | $487.87 | 34 |
| 2020 Q2 | 183,921 | $61,614,010 | +$62,442 | $334.98 | 34 |
| 2020 Q1 | 184,341 | $54,749,891 | -$584,232 | $297.00 | 27 |
| 2019 Q4 | 184,642 | $110,785,800 | +$3,042,635 | $600.00 | 29 |
| 2019 Q3 | 179,584 | $100,780,295 | -$1,241,710 | $561.21 | 30 |
| 2019 Q2 | 182,101 | $96,608,897 | -$1,428,080 | $530.51 | 35 |
| 2019 Q1 | 183,179 | $134,717,444 | +$1,027,843 | $735.47 | 46 |
| 2018 Q4 | 182,873 | $107,341,526 | -$522,579 | $587.60 | 50 |
| 2018 Q3 | 182,553 | $168,171,532 | -$1,145,555 | $922.06 | 57 |
| 2018 Q2 | 183,523 | $174,354,600 | +$174,348,900 | $950.05 | 65 |
| 2016 Q2 | 0 | $0 | -$1,000 | $1771.99 | 0 |
| 2016 Q1 | 1 | $1,000 | $1000.00 | 1 |