Biglari Holdings Inc.

BH and BH.A • NYSE

Biglari Holdings Inc. is a restaurants company in the consumer cyclical sector on NYSE, led by Sardar Biglari, with a market cap of $1.0B. As of Q3 2025, 91% of shares are held by 109 institutional investors, with BIGLARI CAPITAL CORP. as the largest holder at 49.89%.

Chairman and Chief Executive OfficerSardar Biglari

Market Cap$1.0B

Restaurants

Consumer Cyclical

Employees2.5K

Websitebiglariholdings.com

Country

United States of America

Overview

Overview of institutional ownership in BH and BH.A as of Q3 2025 with a market cap of $1.0B

All Institutions

Institutions: 109
Value Held: $910.0M
Shares Held: 2.1M
Avg Position: $6.7M
Median Position: $325.4K

Hedge Funds

Hedge Funds: 20
Value Held: $717.0M
Shares Held: 1.6M
Avg Position: $28.7M
Median Position: $473.3K

Ownership Breakdown

Institutional (non-HF)

19.23%

$193.1M

Hedge Funds

71.39%

$717.0M

Retail & Other

9.38%

$94.2M

Based on market cap of $1.0B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in BH and BH.A as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BIGLARI CAPITAL CORP. Hedge Fund•Value	Sardar Biglari CEO	$688.7M 75.42% of portfolio	49.89% 1.5M shares	Q3 2013 Held for 12y 2m	$913.2M
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$41.6M 0.01% of portfolio	3.44% 106.6K shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
B BlackRock, Inc. Institution	-	$19.9M 0.00% of portfolio	1.79% 55.5K shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
G GAMCO INVESTORS, INC. ET AL Institution	-	$18.8M 0.18% of portfolio	0.39% 12.2K shares	Q3 2020 Held for 5y 2m	$10.3B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$16.9M 0.00% of portfolio	1.32% 41.1K shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$13.1M 0.00% of portfolio	1.30% 40.4K shares	Q4 2024 Held for 11 months	$633.08B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$10.6M 0.00% of portfolio	1.05% 32.7K shares	Q3 2016 Held for 9y 2m	$1.56T
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	$10.4M 0.01% of portfolio	0.61% 18.9K shares	Q1 2023 Held for 2y 8m	$75.8B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$6.1M 0.00% of portfolio	0.49% 15.3K shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$6.1M 0.00% of portfolio	0.53% 16.5K shares	≤ Q2 2013 Held for 12y 5m+	$2.88T

Net Capital Flow

Institutional buying and selling activity for BH and BH.A in Q3 2025

Traded: +$35.6M
Buyers: 58
Sellers: 36
Total Bought: +$46.8M
Total Sold: −$11.2M
Avg Position: $7.6M

Biggest Buyers

Institution	Net Bought	Current Position
Invesco Ltd. ETF Provider	+$10.0M +30.8K shares	$13.1M 40.4K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	+$7.7M +12.1K shares	$10.4M 18.9K shares
DIMENSIONAL FUND ADVISORS LP Long Only Manager	+$2.7M +6.4K shares	$41.6M 106.6K shares
Q Qube Research & Technologies Ltd Institution	+$2.7M +5.5K shares	$2.7M 5.5K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$2.3M +7.2K shares	$3.7M 11.6K shares
P Pacer Advisors, Inc. Institution	+$2.1M +6.5K shares	$2.1M 6.5K shares
JPMORGAN CHASE & CO Institution	+$1.8M +5.7K shares	$10.6M 32.7K shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	+$1.6M +5.0K shares	$2.3M 7.2K shares
MORGAN STANLEY RIA/Wealth	+$1.3M +3.8K shares	$4.9M 14.7K shares
GOLDMAN SACHS GROUP INC Institution	+$1.1M +3.3K shares	$1.6M 4.3K shares

Biggest Sellers

Institution	Net Sold	Current Position
N Nuveen, LLC Institution	−$3.8M −11.9K shares	$1.2M 3.7K shares
G GAMCO INVESTORS, INC. ET AL Institution	−$1.0M −655.0 shares	$18.8M 12.2K shares
M Man Group plc Institution	−$872.2K −3.0K shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$794.7K −6.0K shares	$1.2M 764.0 shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	−$517.2K −1.6K shares	$3.6M 11.0K shares
P Peapod Lane Capital LLC Institution	−$507.2K −1.6K shares	$4.0M 12.3K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$489.1K −995.0 shares	Sold Off 0 shares
B Brevan Howard Capital Management LP Institution	−$408.5K −1.4K shares	Sold Off 0 shares
S Squarepoint Ops LLC Hedge Fund•Quant	−$386.6K −1.3K shares	Sold Off 0 shares
Centiva Capital, LP Hedge Fund•Multi-Strategy	−$259.2K −887.0 shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BH and BH.A in Q3 2025

New Positions: 15
New Value: $8.1M
Exited Positions: 10
Exited Value: $2.8M

New Positions

Institution	Position Value
P Pacer Advisors, Inc. Institution	$2.1M 6.5K shares
Marshall Wace LLP Institution	$1.0M 658.0 shares
Quantbot Technologies LLC Hedge Fund•Quant	$906.9K 587.0 shares
Q Quadrature Capital Ltd Institution	$865.6K 560.0 shares
Semanteon Capital Management, LP Hedge Fund•Long/Short	$838.9K 1.9K shares
X XTX Topco Ltd Institution	$550.0K 356.0 shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$473.3K 1.5K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$431.1K 279.0 shares
O OMERS ADMINISTRATION Corp Institution	$309.0K 200.0 shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$252.8K 781.0 shares

Exited Positions

Institution	Previous Position
M Man Group plc Institution	$872.2K 3.0K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$489.1K 995.0 shares
B Brevan Howard Capital Management LP Institution	$408.5K 1.4K shares
S Squarepoint Ops LLC Hedge Fund•Quant	$386.6K 1.3K shares
Centiva Capital, LP Hedge Fund•Multi-Strategy	$259.2K 887.0 shares
A AXQ CAPITAL, LP Hedge Fund•Market Neutral	$249.0K 852.0 shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$140.2K 385.0 shares
THURSTON, SPRINGER, MILLER, HERD & TITAK, INC. Private Equity	$11.7K 40.0 shares
Ridgewood Investments LLC RIA/Wealth	$7.0K 5.0 shares
Aster Capital Management Ltd RIA/Wealth	$1.2K 4.0 shares

Options Activity

Institutions with the largest Call and Put options positions in BH and BH.A as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with BH and BH.A as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
B BIGLARI CAPITAL CORP. Hedge Fund•Value	Sardar Biglari CEO	75.42% $688.7M	49.89% 1.5M shares	Q3 2013 Held for 12y 2m	$913.2M
P Peapod Lane Capital LLC Institution	-	3.56% $4.0M	0.40% 12.3K shares	Q4 2024 Held for 11 months	$111.8M
Semanteon Capital Management, LP Hedge Fund•Long/Short	Rajat Lal Managing Partner	1.05% $838.9K	0.06% 1.9K shares	Q3 2025 Held for 2 months	$79.7M
C CHECK CAPITAL MANAGEMENT INC/CA RIA/Wealth	Steven Glenn Check President	0.25% $3.9M	0.11% 3.6K shares	Q3 2020 Held for 5y 2m	$1.6B
G GAMCO INVESTORS, INC. ET AL Institution	-	0.18% $18.8M	0.39% 12.2K shares	Q3 2020 Held for 5y 2m	$10.3B
B BRIDGEWAY CAPITAL MANAGEMENT INC Long Only Manager	John Noland Ryan Montgomery CEO	0.12% $5.5M	0.55% 16.9K shares	Q4 2019 Held for 5y 11m	$4.7B
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	David Khabie-Zeitoune CEO	0.07% $744.4K	0.07% 2.3K shares	Q4 2023 Held for 1y 11m	$1.1B
Caitong International Asset Management Co., Ltd RIA/Wealth	Dusan Thomas Zachystal CEO	0.05% $72.3K	0.00% 80.0 shares	Q3 2025 Held for 2 months	$144.7M
OCCUDO QUANTITATIVE STRATEGIES LP Hedge Fund•Market Neutral	Ricky Xiaoxiao Shi Partner	0.04% $327.2K	0.03% 1.0K shares	Q2 2025 Held for 5 months	$821.7M
D Dynamic Technology Lab Private Ltd Institution	-	0.04% $205.8K	0.02% 636.0 shares	Q3 2025 Held for 2 months	$576.8M

Hedge Fund Spotlight

Discover hedge funds investing in BH and BH.A

Semanteon Capital Management, LP

Hedge Fund • Long/Short

Portfolio ManagerRajat Lal

Portfolio Value: $79.7M
Positions: 173
Last Reported: Q3 2025

Sector Allocation

Position in Biglari Holdings Inc.

BH and BH.A

Market Value: $838.9K
Shares Held: 1.9K
Portfolio Weight: 1.05%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Bloom Energy BE	Electrical Equipment & Parts Industrials	$594.1K	0.75%
2 Helen Of Troy HELE	Household & Personal Products Consumer Defensive	$575.9K	0.72%
3 Vishay Intertechnology VSH	Semiconductors Technology	$574.5K	0.72%