Biglari Holdings Inc. - Class A Common Stock, no par value (BHA) Institutional Ownership

13F Institutional Holders and Ownership History from Q1 2016 to Q4 2025

Type / Class
Equity / Class A Common Stock, no par value
Symbol
BHA on NYSE
Shares outstanding
206,834
Price per share
$2057.87
All holders as of 31 Dec 2025
Q4 2025
Total 13F shares
193,599
Total reported value
$336,874,218
% of total 13F portfolios
0%
Share change
+1,686
Value change
+$3,330,332
Number of holders
36
Price from insider filings
$2057.87
Reported Shares, Excluding Options vs Price
Reported Value, Excluding Options
Total Investors

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, 36 institutional investors reported holding 193,599 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
2025 Q4 193,599 $336,874,218 +$3,330,332 $1740.05 36
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 $2057.87 0
2016 Q1 1 $1,000 $1000.00 1