Biglari Holdings Inc.
US ˙ NYSE ˙ US08986R3093

SecurityBH / Biglari Holdings Inc.
InstitutionNorthern Trust Corp
Latest Disclosed Ownership6,933 shares
Latest Disclosed Value $ 2,285,048
Northern Trust Corp reports 4.90% increase in ownership of BH / Biglari Holdings Inc.

On May 14, 2026 - Northern Trust Corp filed a 13F-HR form disclosing ownership of 6,933 shares of Biglari Holdings Inc. (US:BH) valued at $2,285,047 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 17, 2026 disclosing 6,609 shares of Biglari Holdings Inc.. This represents a change in shares of 4.90% during the quarter. The current value of the position is $2,053,555 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

Upgrade to unlock premium data and export to Excel .

Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-14 2026-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 6,933 324 4.90 2,285 4.01 0.0003
2026-02-17 2025-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 6,609 -520 -7.29 2,197 -4.77 0.0003
2025-11-14 2025-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 7,129 52 0.73 2,307 11.61 0.0003
2025-08-13 2025-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 7,077 -475 -6.29 2,068 26.42 0.0003
2025-05-13 2025-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 7,552 -246 -3.15 1,635 -17.51 0.0002
2025-02-14 2024-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 7,798 -220 -2.74 1,983 43.73 0.0003
2024-11-13 2024-09-30 13F BIGLARI HLDGS COM 08986R309 8,018 47 0.59 1,379 -10.51 0.0002
2024-08-14 2024-06-30 13F BIGLARI HLDGS COM 08986R309 7,971 -271 -3.29 1,541 -1.41 0.0003
2024-05-14 2024-03-31 13F BIGLARI HLDGS COM 08986R309 8,242 -310 -3.62 1,563 10.85 0.0003
2024-02-13 2023-12-31 13F BIGLARI HLDGS COM 08986R309 8,552 473 5.85 1,410 5.15 0.0003
2023-11-13 2023-09-30 13F BIGLARI HLDGS COM 08986R309 8,079 18 0.22 1,341 -15.61 0.0003
2023-08-11 2023-06-30 13F BIGLARI HLDGS COM 08986R309 8,061 32 0.40 1,589 17.01 0.0003
2023-05-15 2023-03-31 13F BIGLARI HLDGS COM 08986R309 8,029 -245 -2.96 1,359 18.29 0.0003
2023-02-13 2022-12-31 13F BIGLARI HLDGS COM 08986R309 8,274 76 0.93 1,148 21.22 0.0002
2022-11-14 2022-09-30 13F BIGLARI HLDGS COM 08986R309 8,198 -120 -1.44 947 -7.16 0.0002
2022-08-12 2022-06-30 13F BIGLARI HLDGS COM 08986R309 8,318 -507 -5.75 1,020 -20.06 0.0002
2022-05-13 2022-03-31 13F BIGLARI HLDGS COM 08986R309 8,825 -442 -4.77 1,276 -3.48 0.0002
2022-02-08 2021-12-31 13F BIGLARI HLDGS COM 08986R309 9,267 -10 -0.11 1,322 -17.06 0.0002
2021-11-15 2021-09-30 13F BIGLARI HLDGS COM 08986R309 9,277 -847 -8.37 1,594 -1.24 0.0003
2021-08-13 2021-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 10,124 -1,284 -11.26 1,614 6.53 0.0003
2021-05-12 2021-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 11,408 -2,301 -16.78 1,515 -0.66 0.0003
2021-02-11 2020-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 13,709 -1,085 -7.33 1,525 15.79 0.0003
2020-11-16 2020-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 14,794 -436 -2.86 1,317 25.43 0.0003
2020-08-14 2020-06-30 13F BIGLARI HLDGS COM 08986R309 15,230 958 6.71 1,050 43.25 0.0002
2020-05-14 2020-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 14,272 593 4.34 733 -53.16 0.0002
2020-02-14 2019-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 13,679 -167 -1.21 1,565 3.71 0.0004
2019-11-13 2019-09-30 13F BIGLARI HLDGS COM 08986R309 13,846 74 0.54 1,509 5.52 0.0004
2019-08-13 2019-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 13,772 -144 -1.03 1,430 -27.30 0.0003
2019-05-13 2019-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 13,916 -446 -3.11 1,967 20.60 0.0005
2019-02-12 2018-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 14,362 334 2.38 1,631 -35.89 0.0005
2018-11-14 2018-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 14,028 -72 -0.51 2,544 -1.66 0.0006
2018-09-18 2018-06-30 13F/A-1 BIGLARI HLDGS COM STK CL B 08986R309 14,100 442 3.24 2,587 -53.62 0.0007
2018-08-14 2018-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 14,328 2,628
2018-05-09 2018-03-31 13F BIGLARI HLDGS COM 08986R101 13,658 90 0.66 5,578 -0.80 0.0015
2018-02-14 2017-12-31 13F BIGLARI HLDGS COM 08986R101 13,568 -379 -2.72 5,623 20.98 0.0014
2017-11-13 2017-09-30 13F BIGLARI HLDGS COM 08986R101 13,947 -202 -1.43 4,648 -17.81 0.0012
2017-08-11 2017-06-30 13F BIGLARI HLDGS COM 08986R101 14,149 -139 -0.97 5,655 -8.38 0.0016
2017-05-12 2017-03-31 13F BIGLARI HLDGS COM 08986R101 14,288 -172 -1.19 6,172 -9.79 0.0018
2017-02-13 2016-12-31 13F BIGLARI HLDGS COM 08986R101 14,460 777 5.68 6,842 14.66 0.0021
2016-11-09 2016-09-30 13F BIGLARI HLDGS COM 08986R101 13,683 467 3.53 5,967 11.93 0.0019
2016-08-12 2016-06-30 13F BIGLARI HLDGS COM 08986R101 13,216 -5,016 -27.51 5,331 -21.34 0.0017
2016-08-19 2016-03-31 13F/A-1 BIGLARI HLDGS COM 08986R101 18,232 266 1.48 6,777 15.77 0.0022
2016-05-13 2016-03-31 13F BIGLARI HLDGS COM 08986R101 18,232 6,777
2016-02-12 2015-12-31 13F BIGLARI HLDGS COM 08986R101 17,966 525 3.01 5,854 -8.23 0.0019
2015-11-12 2015-09-30 13F BIGLARI HLDGS COM 08986R101 17,441 -3,985 -18.60 6,379 -28.03 0.0021
2015-08-13 2015-06-30 13F BIGLARI HLDGS COM 08986R101 21,426 -1,458 -6.37 8,864 -6.46 0.0060
2015-05-14 2015-03-31 13F BIGLARI HLDGS COM 08986R101 22,884 612 2.75 9,476 6.50 0.0028
2015-02-12 2014-12-31 13F BIGLARI HLDGS COM 08986R101 22,272 -1,375 -5.81 8,898 10.75 0.0027
2014-11-13 2014-09-30 13F BIGLARI HLDGS COM 08986R101 23,647 2,922 14.10 8,034 -8.36 0.0025
2014-08-14 2014-06-30 13F BIGLARI HLDGS COM 08986R101 20,725 -2,136 -9.34 8,767 -21.33 0.0027
2014-05-14 2014-03-31 13F BIGLARI HLDGS COM 08986R101 22,861 -1,336 -5.52 11,144 -9.10 0.0035
2014-02-21 2013-12-31 13F/A-1 BIGLARI HLDGS COM 08986R101 24,197 -871 -3.47 12,259 18.51 0.0039
2014-02-12 2013-12-31 13F BIGLARI HLDGS COM 08986R101 24,197 12,259
2013-11-13 2013-09-30 13F BIGLARI HLDGS COM 08986R101 25,068 5,312 26.89 10,344 27.58 0.0036
2013-08-09 2013-06-30 13F BIGLARI HLDGS COM 08986R101 19,756 19,756 8,108 0.0029
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.