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
$1824.56
All holders as of 30 Sep 2025
Q3 2025
Total 13F shares
192,352
Total reported value
$297,184,820
% of total 13F portfolios
0%
Share change
+9,302
Value change
+$14,425,061
Number of holders
39
Price from insider filings
$1824.56
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% $169,044,368 153,678 BIGLARI, SARDAR 17 Dec 2024

As of 30 Sep 2025, 39 institutional investors reported holding 192,352 shares of Biglari Holdings Inc. - Class A Common Stock, no par value (BHA). This represents 93% 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 93% 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. 74% 153,677 0% 26% $237,432,202
GAMCO INVESTORS, INC. ET AL 5.9% 12,150 -5.1% 0.18% $18,771,750
DIMENSIONAL FUND ADVISORS LP 2.8% 5,804 +9.6% 0% $8,967,171
RENAISSANCE TECHNOLOGIES LLC 1.7% 3,518 +665% 0.01% $5,435,310
VANGUARD GROUP INC 1.4% 2,967 +1.5% 0% $4,584,015
CHECK CAPITAL MANAGEMENT INC/CA 1.1% 2,212 -4.3% 0.22% $3,417,540
BlackRock, Inc. 0.76% 1,564 0% 0% $2,416,380
GABELLI FUNDS LLC 0.75% 1,560 -0.64% 0.02% $2,410,200
GEODE CAPITAL MANAGEMENT, LLC 0.45% 922 +23% 0% $1,425,095
CITADEL ADVISORS LLC 0.37% 764 0% $1,180,380
Qube Research & Technologies Ltd 0.35% 722 0% $1,115,490
Trexquant Investment LP 0.34% 707 0.01% $1,092,315
MARSHALL WACE, LLP 0.32% 658 0% $1,016,610
HRT FINANCIAL LP 0.3% 630 +64% 0% $973,000
STATE STREET CORP 0.3% 612 +112% 0% $945,540
Quantbot Technologies LP 0.28% 587 0.02% $906,915
Quadrature Capital Ltd 0.27% 560 0.01% $865,575
Cubist Systematic Strategies, LLC 0.21% 439 +31% 0.01% $678,255
XTX Topco Ltd 0.17% 356 0.03% $550,020
ExodusPoint Capital Management, LP 0.13% 279 0.01% $431,055
Engineers Gate Manager LP 0.13% 260 0% $401,700
Marex Group plc 0.1% 202 0% $312,090
OMERS ADMINISTRATION Corp 0.1% 200 0% $309,000
Semanteon Capital Management, LP 0.09% 177 0.34% $273,465
GOLDMAN SACHS GROUP INC 0.08% 160 +2.6% 0% $247,200

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 0 $0 -$927 $1824.56 0
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 +$260,980 $912.50 22
2024 Q1 175,910 $170,027,929 +$401,506 $925.00 20
2023 Q4 175,516 $139,348,227 +$253,174 $793.93 18
2023 Q3 175,149 $146,352,902 -$345,497 $836.85 18
2023 Q2 175,559 $166,781,311 -$848,918 $950.00 19
2023 Q1 176,462 $146,922,027 +$350,353 $831.00 19
2022 Q4 176,041 $121,053,277 -$813,615 $689.00 16
2022 Q3 177,218 $108,396,160 -$68,398 $580.14 18
2022 Q2 177,336 $104,241,176 -$2,294,981 $587.69 18
2022 Q1 180,833 $131,391,431 +$216,012 $707.18 22
2021 Q4 180,559 $125,488,070 -$1,450,644 $695.00 20
2021 Q3 183,641 $150,585,960 -$490,683 $820.00 26
2021 Q2 184,301 $143,571,812 -$2,196,487 $779.00 33
2021 Q1 187,376 $126,574,372 -$1,057,132 $675.45 41
2020 Q4 189,009 $110,569,870 +$1,050,722 $584.97 40
2020 Q3 187,049 $91,242,732 +$1,817,525 $487.87 32
2020 Q2 183,719 $61,545,010 +$30,489 $334.90 30
2020 Q1 184,325 $54,743,891 -$495,231 $297.00 24
2019 Q4 184,642 $110,785,800 +$3,041,970 $600.00 29
2019 Q3 179,581 $100,778,295 -$1,240,518 $561.21 29
2019 Q2 181,200 $96,131,897 -$1,501,049 $530.50 31
2019 Q1 176,273 $129,639,444 +$1,112,417 $735.49 41
2018 Q4 175,793 $103,303,526 -$477,693 $587.61 47
2018 Q3 182,388 $168,166,532 -$1,152,498 $922.06 56
2018 Q2 183,523 $174,354,600 +$174,347,896 $950.05 65
2016 Q1 1 $1,000 $0 $1000.00 1