BIGLARI CAPITAL CORP.

San Antonio, TX · CIK 1334429 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2013 · limited liability company

Assets managed$1.0bn
Staff4 · 1 in investment roles
Main clients (by assets)Private funds 100%
Private funds2 (2 hedge) · $1.0bn gross assets
Form ADV · 2026-03-28SEC adviser record

Kindhedge funds, wealth
Others nearbySan Antonio, TX
FamilyBIGLARI CAPITAL CORP. · 2 related pages

As an employer

Offices in1 country
Private fundshedge 2

$1.2bn reported value +28.5% vs Q1 2026

12positions

100.0%in top 10

0 new 2 added 2 reduced 0 sold out vs Q1 2026

This report includes the holdings of 3 other managers that share the investment decisions:

BIGLARI, SARDAR – files its own report too; $41.6m of shares are in both
LION FUND II, L.P. – reports through this filing
LION FUND, L.P. – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	BIGLARI HLDGS INC COM STK CL B BH	BH	1,472,237	$627.2m52.50%	52.50%	Added +55.0k	+54,952 3.9%
2	BIGLARI HLDGS INC COM STK CL A BH.A	BH.A	154,474	$325.1m27.21%	27.21%	Unchanged
3	FERRARI N V COM RACE	RACE	346,981	$129.2m10.81%	10.81%	Added +55.0k	+55,000 18.8%
4	EL POLLO LOCO HLDGS INC COM LOCO	LOCO	3,777,400	$64.1m5.36%	5.36%	Reduced -222.6k	-222,600 -5.6%
5	JACK IN THE BOX INC COM JACK	JACK	1,683,652	$26.6m2.23%	2.23%	Unchanged
6	WYNN RESORTS LTD COM WYNN	WYNN	143,801	$14.0m1.17%	1.17%	Unchanged
7	CARMAX INC COM KMX	KMX	125,420	$6.6m0.56%	0.56%	Unchanged
8	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	2	$1.5m0.13%	0.13%	Unchanged
9	BAUSCH HEALTH COS INC COM BHC	BHC	41,070	$202.5k0.02%	0.02%	Unchanged
10	CRACKER BARREL OLD CTRY STOR COM CBRL	CBRL	2,000	$106.6k0.01%	0.01%	Reduced -33.9k	-33,859 -94.4%
11	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	100	$47.8k0.00%	0.00%	Unchanged
12	COCA COLA CO COM KO	KO	120	$9.8k0.00%	0.00%	Unchanged

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
EL POLLO LOCO HLDGS INC LOCO · 13D · filed 2026-07-02	LOCO	13.5%≈ $70.0m	-1.6 pts	13D	2026-07-02

Trades reported as a company insider since 1 Apr 2026

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2026-08-07	EL POLLO LOCO HLDGS INC 10% owner · By First Guard Insurance Company	LOCO	Sold	550	$9.4k550 shares	-1%
2026-08-07	EL POLLO LOCO HLDGS INC 10% owner · By Biglari Reinsurance Ltd.	LOCO	Sold	550	$9.4k550 shares	-<1%
2026-08-05	EL POLLO LOCO HLDGS INC 10% owner · By First Guard Insurance Company	LOCO	Sold	40,000	$676.0k40.0k shares	-38%
2026-08-05	EL POLLO LOCO HLDGS INC 10% owner · By Biglari Reinsurance Ltd.	LOCO	Sold	40,000	$676.0k40.0k shares	-11%
2026-08-03	EL POLLO LOCO HLDGS INC 10% owner · By First Guard Insurance Company	LOCO	Sold	10,000	$167.3k10.0k shares	-9%
2026-08-03	EL POLLO LOCO HLDGS INC 10% owner · By Biglari Reinsurance Ltd.	LOCO	Sold	10,000	$167.3k10.0k shares	-3%
2026-07-30	EL POLLO LOCO HLDGS INC 10% owner · By Biglari Reinsurance Ltd.	LOCO	Sold	273	$4.6k273 shares	-<1%
2026-07-30	EL POLLO LOCO HLDGS INC 10% owner · By First Guard Insurance Company	LOCO	Sold	273	$4.6k273 shares	-<1%
2026-07-29	EL POLLO LOCO HLDGS INC 10% owner · By Biglari Reinsurance Ltd.	LOCO	Sold	3,306	$55.2k3.3k shares	-1%
2026-07-29	EL POLLO LOCO HLDGS INC 10% owner · By First Guard Insurance Company	LOCO	Sold	3,305	$55.2k3.3k shares	-3%
2026-07-17	EL POLLO LOCO HLDGS INC 10% owner · By The Lion Fund II, L.P.	LOCO	Sold	11,000	$183.8k11.0k shares	-<1%
2026-07-16	EL POLLO LOCO HLDGS INC 10% owner · By The Lion Fund II, L.P.	LOCO	Sold	2,749	$45.9k2.7k shares	-<1%
2026-07-15	EL POLLO LOCO HLDGS INC 10% owner · By The Lion Fund II, L.P.	LOCO	Sold	6,533	$109.2k6.5k shares	-<1%
2026-07-14	EL POLLO LOCO HLDGS INC 10% owner · By The Lion Fund II, L.P.	LOCO	Sold	1,211	$20.3k1.2k shares	-<1%
2026-07-13	EL POLLO LOCO HLDGS INC 10% owner · By The Lion Fund II, L.P.	LOCO	Sold	75,000	$1.3m75.0k shares	-2%
2026-07-02	EL POLLO LOCO HLDGS INC 10% owner · By The Lion Fund II, L.P.	LOCO	Sold	9,525	$161.2k9.5k shares	-<1%
2026-07-01	EL POLLO LOCO HLDGS INC 10% owner · By The Lion Fund II, L.P.	LOCO	Sold	132,421	$2.3m132.4k shares	-4%
2026-06-30	EL POLLO LOCO HLDGS INC 10% owner · By The Lion Fund II, L.P.	LOCO	Sold	22,600	$382.2k22.6k shares	-1%
2026-06-29	EL POLLO LOCO HLDGS INC 10% owner · By The Lion Fund II, L.P.	LOCO	Sold	100,000	$1.7m100.0k shares	-3%
2026-06-26	EL POLLO LOCO HLDGS INC 10% owner · By The Lion Fund II, L.P.	LOCO	Sold	100,000	$1.7m100.0k shares	-2%
2026-06-05	BIGLARI HLDGS INC Chairman and CEO · By The Lion Fund, L.P.	BH	Bought	535	$159.0k535 shares	+<1%
2026-06-04	BIGLARI HLDGS INC Chairman and CEO · By The Lion Fund, L.P.	BH	Bought	1,743	$499.8k1.7k shares	+<1%
2026-05-14	BIGLARI HLDGS INC Chairman and CEO · By The Lion Fund, L.P.	BH	Bought	14,351	$3.7m14.4k shares	+1%
2026-05-13	BIGLARI HLDGS INC Chairman and CEO · By The Lion Fund, L.P.	BH	Bought	15,358	$4.0m15.4k shares	+1%
2026-05-12	BIGLARI HLDGS INC Chairman and CEO · By The Lion Fund, L.P.	BH	Bought	22,965	$5.7m23.0k shares	+2%