Vault-13

BIGLARI HLDGS INC BH

COM STK CL B · Common Stock · CUSIP 08986R309

American holding company headquartered in San Antonio, Texas, US

114 institutional holders -2 vs Q1 2026
1,996,5432.0m shares reported held*
$850.5mreported value*
23 new 34 added 30 reduced 24 sold out net bought ≈ $5.7m (-48.6k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($7.7k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $425.99.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 56Q4 22: 61Q1 23: 73Q2 23: 74Q3 23: 68Q4 23: 69Q1 24: 69Q2 24: 73Q3 24: 70Q4 24: 76Q1 25: 76Q2 25: 93Q3 25: 97Q4 25: 106Q1 26: 116Q2 26: 114114Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 202256
Q4 202261
Q1 202373
Q2 202374
Q3 202368
Q4 202369
Q1 202469
Q2 202473
Q3 202470
Q4 202476
Q1 202576
Q2 202593
Q3 202597
Q4 2025106
Q1 2026116
Q2 2026114

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q3 24: 28 bought or addedQ3 24: 24 cut or sold outQ4 24: 39 bought or addedQ4 24: 22 cut or sold outQ4 24Q1 25: 36 bought or addedQ1 25: 29 cut or sold outQ2 25: 46 bought or addedQ2 25: 31 cut or sold outQ2 25Q3 25: 48 bought or addedQ3 25: 36 cut or sold outQ4 25: 52 bought or addedQ4 25: 42 cut or sold outQ4 25Q1 26: 54 bought or addedQ1 26: 47 cut or sold outQ2 26: 57 bought or addedQ2 26: 54 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20242824
Q4 20243922
Q1 20253629
Q2 20254631
Q3 20254836
Q4 20255242
Q1 20265447
Q2 20265754

Biggest buyers

BIGLARI CAPITAL CORP. Added +54,952+55.0k
TWO SIGMA INVESTMENTS, LP Added +42,023+42.0k
MILLENNIUM MANAGEMENT LLC Added +9,432+9.4k
RENAISSANCE TECHNOLOGIES LLC Added +6,885+6.9k
HRT FINANCIAL LP New +6,481+6.5k
DIMENSIONAL FUND ADVISORS LP Added +4,010+4.0k
AQR CAPITAL MANAGEMENT LLC Added +3,556+3.6k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +2,982+3.0k
CITADEL ADVISORS LLC New +2,980+3.0k
Engineers Gate Manager LP New +1,920+1.9k

Biggest sellers

Swiss Life Asset Management Ltd Sold out -66,094-66.1k
Invesco Ltd. Reduced -18,108-18.1k
Qube Research & Technologies Ltd Reduced -13,640-13.6k
JANE STREET GROUP, LLC Reduced -11,281-11.3k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Sold out -10,354-10.4k
TUDOR INVESTMENT CORP ET AL Sold out -9,700-9.7k
GOLDMAN SACHS GROUP INC Sold out -9,353-9.4k
Trexquant Investment LP Reduced -7,151-7.2k
XTX Topco Ltd Reduced -6,110-6.1k
Quadrature Capital Ltd Sold out -5,054-5.1k

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q4 24: 1 buyingQ4 24: 0 sellingQ1 25: 0 buyingQ1 25: 0 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 0 buyingQ3 25: 0 sellingQ3 25Q4 25: 1 buyingQ4 25: 0 sellingQ1 26: 1 buyingQ1 26: 0 sellingQ1 26Q2 26: 1 buyingQ2 26: 0 sellingQ3 26: 0 buyingQ3 26: 0 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20241$920.4k0——
Q1 20250—0——
Q2 20250—0——
Q3 20250—0——
Q4 20251$2.5m0——
Q1 20261$3.0m0——
Q2 20261$14.1m0——
Q3 20260—0——
DateInsiderTradeSharesPrice ValueTheir holding
2026-06-05 BIGLARI, SARDAR +2 Chairman and CEO, director · By The Lion Fund, L.P. Bought 535 $297.14 $159.0k535 shares +<1%
2026-06-04 BIGLARI, SARDAR +2 Chairman and CEO, director · By The Lion Fund, L.P. Bought 1,743 $286.76 $499.8k1.7k shares +<1%
2026-05-14 BIGLARI, SARDAR +2 Chairman and CEO, director · By The Lion Fund, L.P. Bought 14,351 $258.06 $3.7m14.4k shares +1%
2026-05-13 BIGLARI, SARDAR +2 Chairman and CEO, director · By The Lion Fund, L.P. Bought 15,358 $260.36 $4.0m15.4k shares +1%
2026-05-12 BIGLARI, SARDAR +2 Chairman and CEO, director · By The Lion Fund, L.P. Bought 22,965 $249.84 $5.7m23.0k shares +2%

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BIGLARI CAPITAL CORP. 52.50% of their portfolio San Antonio, TX 1,472,2371.5m $627.2m $627.2m 52.50% Added +55.0k +54,952
2 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 106,257106.3k $45.3m $45.3m 0.01% Added +4.0k +4,010
3 TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio NEW YORK, NY 50,61850.6k $21.6m $21.6m 0.02% Added +42.0k +42,023
4 BlackRock, Inc. 0.00% of their portfolio New York, NY 46,13546.1k $19.7m $19.7m 0.00% Added +1.1k +1,089
5 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 31,01631.0k $13.2m $13.2m 0.01% Reduced -1.2k -1,191
6 RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio NEW YORK, NY 28,62728.6k $12.2m $12.2m 0.02% Added +6.9k +6,885
7 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 28,18528.2k $12.0m $12.0m 0.00% Reduced -1.6k -1,570
8 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 26,77426.8k $11.4m $11.4m 0.01% Added +9.4k +9,432
9 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 14,92214.9k $6.4m $6.4m 0.00% Added +1.1k +1,088
10 Trexquant Investment LP 0.04% of their portfolio STAMFORD, CT 14,55914.6k $6.2m $6.2m 0.04% Reduced -7.2k -7,151
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 12,80612.8k $5.5m $5.5m 0.00% Reduced -1.1k -1,137
12 Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio VANCOUVER, A1 12,30912.3k $5.2m $5.2m 0.01% Added +970 +970
13 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 9,4909.5k $4.0m $4.0m 0.00% Added +3.6k +3,556
14 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 8,7758.8k $3.7m $3.7m 0.00% Reduced -13.6k -13,640
15 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 7,8507.8k $3.4m $3.4m 0.00% Reduced -4.5k -4,458
16 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 7,7037.7k $3.3m $3.3m 0.00% Added +864 +864
17 VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 7,3447.3k $3.1m $3.1m 0.00% Reduced -254 -254
18 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 7,1617.2k $3.1m $3.1m 0.00% Added +228 +228
19 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 6,4816.5k $2.8m $2.8m 0.01% New
20 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 6,1286.1k $2.6m $2.6m 0.00% Reduced -11.3k -11,281
21 Pacer Advisors, Inc. 0.01% of their portfolio Malvern, PA 5,8295.8k $2.5m $2.5m 0.01% Added +483 +483
22 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 5,0395.0k $2.1m $2.1m 0.00% Added +794 +794
23 XTX Topco Ltd 0.02% of their portfolio LONDON, X0 4,4954.5k $1.9m $1.9m 0.02% Reduced -6.1k -6,110
24 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 4,3264.3k $1.8m $1.8m 0.00% Added +54 +54
25 Point72 Asset Management, L.P. 0.00% of their portfolio STAMFORD, CT 4,1894.2k $1.8m $1.8m 0.00% Reduced -1.0k -1,035
26 Y-Intercept (Hong Kong) Ltd 0.03% of their portfolio HONG KONG, K3 4,0554.1k $1.7m $1.7m 0.03% Reduced -205 -205
27 GSA CAPITAL PARTNERS LLP 0.10% of their portfolio LONDON, X0 3,8563.9k $1.6m $1.6m 0.10% Added +1.7k +1,721
28 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 2,9823.0k $1.3m $1.3m 0.00% New
29 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 2,9803.0k $1.3m $1.3m 0.00% New
30 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,7392.7k $1.2m $1.2m 0.00% Reduced -547 -547
31 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.02% of their portfolio HOUSTON, TX 2,6252.6k $1.1m $1.1m 0.02% Reduced -2.4k -2,360
32 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 2,5702.6k $1.1m $1.1m 0.00% Added +291 +291
33 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.00% of their portfolio Stamford, CT 2,4082.4k $1.0m $1.0m 0.00% Reduced -1.7k -1,702
34 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,0392.0k $868.7k $868.7k 0.00% Added +752 +752
35 STRS OHIO 0.00% of their portfolio COLUMBUS, OH 2,0002.0k $852.1k $852.1k 0.00% Added +100 +100
36 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 1,9832.0k $844.7k $844.7k 0.00% Added +310 +310
37 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 1,9311.9k $636.4k $636.4k 0.00% Added +1.0k +1,000
38 Engineers Gate Manager LP 0.01% of their portfolio NEW YORK, NY 1,9201.9k $818.0k $818.0k 0.01% New
39 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 1,8301.8k $779.6k $779.6k 0.00% Reduced -18.1k -18,108
40 Rathbones Group PLC 0.00% of their portfolio Liverpool, X0 1,7001.7k $724.3k $724.3k 0.00% Reduced -1.7k -1,700
41 RITHOLTZ WEALTH MANAGEMENT 0.01% of their portfolio NEW YORK, NY 1,6721.7k $712.3k $712.3k 0.01% Reduced -839 -839
42 Jump Financial, LLC 0.01% of their portfolio Chicago, IL 1,6401.6k $698.7k $698.7k 0.01% New
43 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 1,6261.6k $702.2k $702.2k 0.00% Added +103 +103
44 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,6171.6k $688.9k $688.9k 0.00% Added +16 +16
45 Centiva Capital, LP 0.02% of their portfolio New York, NY 1,5701.6k $668.9k $668.9k 0.02% New
46 Lotus Technology Management, LP 0.80% of their portfolio ORLANDO, FL 1,5341.5k $653.5k $653.5k 0.80% New
47 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 1,4871.5k $633.5k $633.5k 0.00% New
48 JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio FLORHAM PARK, NJ 1,4511.5k $618.2k $618.2k 0.00% Unchanged
49 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 1,1301.1k $481.4k $481.4k 0.00% Unchanged
50 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 1,1161.1k $475.4k $475.4k 0.00% Unchanged
51 MARTINGALE ASSET MANAGEMENT L P 0.01% of their portfolio BOSTON, MA 1,1011.1k $469.1k $469.1k 0.01% Unchanged
52 INCEPTIONR LLC 0.11% of their portfolio Lafayette, CA 1,0481.0k $446.5k $446.5k 0.11% New
53 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 1,0191.0k $434.1k $434.1k 0.00% Reduced -4.6k -4,551
54 OCCUDO QUANTITATIVE STRATEGIES LP 0.02% of their portfolio FORT LAUDERDALE, FL 1,0141.0k $432.0k $432.0k 0.02% Added +203 +203
55 Dynamic Technology Lab Private Ltd 0.09% of their portfolio SINGAPORE, U0 921921 $392.0k $392.0k 0.09% New
56 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 853853 $363.4k $363.4k 0.00% Added +1 +1
57 Susquehanna Portfolio Strategies, LLC 0.01% of their portfolio Bala Cynwyd, PA 853853 $363.4k $363.4k 0.01% New
58 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 672672 $286.3k $286.3k 0.00% Added +253 +253
59 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 663663 $282.5k $282.5k 0.00% New
60 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 593593 $252.6k $252.6k 0.00% Added +308 +308
61 CANADA PENSION PLAN INVESTMENT BOARD 0.00% of their portfolio TORONTO ONTARIO, A6 560560 $238.6k $238.6k 0.00% New
62 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 482482 $206.0k $206.0k 0.00% New
63 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 441441 $187.9k $187.9k 0.00% Unchanged
64 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 428428 $182.3k $182.3k 0.00% Added +325 +325
65 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 426426 $181.5k $181.5k 0.00% Unchanged
66 BARTLETT & CO. WEALTH MANAGEMENT LLC 0.00% of their portfolio CINCINNATI, OH 392392 $167.0k $167.0k 0.00% Unchanged
67 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 378378 $161.0k $161.0k 0.00% Added +63 +63
68 State of Alaska, Department of Revenue 0.00% of their portfolio JUNEAU, AK 353353 $150.0k $150.0k 0.00% Unchanged
69 PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.00% of their portfolio DENVER, CO 320320 $136.0k $136.0k 0.00% Unchanged
70 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 315315 $134.2k $134.2k 0.00% Reduced -10 -10
71 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 306306 $130.0k $130.0k 0.00% Reduced -1.2k -1,211
72 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 226226 $96.3k $96.3k 0.00% Added +64 +64
73 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 171171 $72.9k $72.9k 0.00% Unchanged
74 FMR LLC 0.00% of their portfolio BOSTON, MA 133133 $56.8k $56.8k 0.00% Reduced -103 -103
75 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 112112 $48.0k $48.0k 0.00% Added +26 +26
76 Vanguard Global Advisers, LLC 0.00% of their portfolio MALVERN, PA 108108 $46.0k $46.0k 0.00% Reduced -55 -55
77 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 8585 $36.2k $36.2k 0.00% Unchanged
78 Legal & General Group Plc 0.00% of their portfolio London, X0 7979 $33.7k $33.7k 0.00% Added +14 +14
79 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 7474 $31.5k $31.5k 0.00% New
80 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 7070 $29.8k $29.8k 0.00% Unchanged
81 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 6767 $27.1k $27.1k 0.00% Reduced -76 -76
82 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 5656 $23.9k $23.9k 0.00% Unchanged
83 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 5050 $21.3k $21.3k 0.00% Unchanged
84 SIMS INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio CINCINNATI, OH 5050 $21.3k $21.3k 0.01% New
85 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 4848 $20.4k $20.4k 0.00% New
86 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 4646 $19.6k $19.6k 0.00% Reduced -26 -26
87 HOEY INVESTMENTS, INC 0.00% of their portfolio COATESVILLE, PA 3939 $16.6k $16.6k 0.00% Unchanged
88 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 3131 $13.2k $13.2k 0.00% Added +29 +29
89 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 3131 $13.2k $13.2k 0.00% First filing
90 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 2727 $11.6k $11.6k 0.00% Reduced -5 -5
91 North Star Investment Management Corp. 0.00% of their portfolio CHICAGO, IL 2626 $11.1k $11.1k 0.00% Unchanged
92 Sterling Capital Management LLC 0.00% of their portfolio CHARLOTTE, NC 2424 $10.2k $10.2k 0.00% Reduced -9 -9
93 MPWM ADVISORY SOLUTIONS, LLC 0.00% of their portfolio ALPHARETTA, GA 2020 $8.5k $8.5k 0.00% Unchanged
94 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 1515 $6.4k $6.4k 0.00% Added +11 +11
95 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 1313 $5.5k $5.5k 0.00% Reduced -3.0k -2,960
96 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1313 $5.5k $5.5k 0.00% Reduced -449 -449
97 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 1212 $5.1k $5.1k 0.00% New
98 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 1212 $5.1k $5.1k 0.00% Added +1 +1
99 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 1111 $4.7k $4.7k 0.00% Unchanged
100 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 99 $3.8k $3.8k 0.00% Reduced -28 -28