Biglari Holdings Inc.
US ˙ NYSE ˙ US08986R3093

SecurityBH / Biglari Holdings Inc.
InstitutionInvesco Ltd.
Latest Disclosed Ownership19,938 shares
Latest Disclosed Value $ 6,571,366
Invesco Ltd. reports 16.97% decrease in ownership of BH / Biglari Holdings Inc.

On May 12, 2026 - Invesco Ltd. filed a 13F-HR form disclosing ownership of 19,938 shares of Biglari Holdings Inc. (US:BH) valued at $6,571,365 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 19, 2026 disclosing 24,013 shares of Biglari Holdings Inc.. This represents a change in shares of -16.97% during the quarter. The current value of the position is $5,905,636 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.

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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)
2026-05-12 2026-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 19,938 -4,075 -16.97 6,571 -17.68 0.0010
2026-02-19 2025-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 24,013 -16,430 -40.63 7,983 -39.02 0.0012
2025-11-13 2025-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 40,443 30,810 319.84 13,089 365.14 0.0021
2025-08-13 2025-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 9,633 9,633 2,815 0.0005
2025-05-12 2025-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 0 -15,805 -100.00 0 -100.00
2025-02-13 2024-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 15,805 15,805 4,019 0.0007
2022-05-16 2022-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 0 -2,079 -100.00 0 -100.00
2022-02-14 2021-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 2,079 -577 -21.72 296 -35.23 0.0001
2021-11-15 2021-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 2,656 227 9.35 457 17.78 0.0001
2021-08-17 2021-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 2,429 148 6.49 388 28.48 0.0001
2021-05-17 2021-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 2,281 -1,136 -33.25 302 -20.53 0.0001
2021-02-16 2020-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 3,417 73 2.18 380 27.95 0.0001
2020-11-16 2020-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 3,344 -85 -2.48 297 25.32 0.0001
2020-08-14 2020-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 3,429 3,429 237 0.0001
2020-05-15 2020-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 0 -3,916 -100.00 0 -100.00
2020-02-14 2019-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 3,916 246 6.70 448 12.00 0.0001
2019-11-14 2019-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 3,670 40 1.10 400 6.10 0.0001
2019-08-14 2019-06-30 13F/A-1 BIGLARI HLDGS COM STK CL B 08986R309 3,630 -119 -3.17 377 -28.87 0.0001
2019-08-14 2019-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 3,630 -119 377
2019-05-15 2019-03-31 13F BIGLARI HLDGS COM STK CL B 08986R309 3,749 1,572 72.21 530 114.57 0.0002
2019-02-14 2018-12-31 13F BIGLARI HLDGS COM STK CL B 08986R309 2,177 259 13.50 247 -29.02 0.0001
2018-11-14 2018-09-30 13F BIGLARI HLDGS COM STK CL B 08986R309 1,918 11 0.58 348 -0.57 0.0001
2018-08-14 2018-06-30 13F BIGLARI HLDGS COM STK CL B 08986R309 1,907 -597 -23.84 350 -65.79 0.0001
2018-05-15 2018-03-31 13F BIGLARI HLDGS COM 08986R101 2,504 358 16.68 1,023 15.07 0.0004
2018-02-14 2017-12-31 13F BIGLARI HLDGS COM 08986R101 2,146 40 1.90 889 26.64 0.0003
2017-11-14 2017-09-30 13F BIGLARI HLDGS COM 08986R101 2,106 86 4.26 702 -13.01 0.0003
2017-08-14 2017-06-30 13F BIGLARI HLDGS COM 08986R101 2,020 -10 -0.49 807 -7.98 0.0003
2017-05-15 2017-03-31 13F BIGLARI HLDGS COM 08986R101 2,030 -391 -16.15 877 -23.47 0.0003
2017-02-14 2016-12-31 13F BIGLARI HLDGS COM 08986R101 2,421 -11,189 -82.21 1,146 -80.69 0.0004
2016-11-14 2016-09-30 13F BIGLARI HLDGS COM 08986R101 13,610 11,422 522.03 5,934 572.03 0.0020
2016-08-15 2016-06-30 13F BIGLARI HLDGS COM 08986R101 2,188 -280 -11.35 883 -3.71 0.0003
2016-05-16 2016-03-31 13F BIGLARI HLDGS COM 08986R101 2,468 -1,201 -32.73 917 -23.26 0.0004
2016-02-16 2015-12-31 13F BIGLARI HLDGS COM 08986R101 3,669 248 7.25 1,195 -4.48 0.0005
2015-11-16 2015-09-30 13F BIGLARI HLDGS COM 08986R101 3,421 -823 -19.39 1,251 -28.76 0.0005
2015-08-14 2015-06-30 13F BIGLARI HOLDINGS COMMON 08986R101 4,244 186 4.58 1,756 4.52 0.0007
2015-05-15 2015-03-31 13F BIGLARI HOLDINGS COMMON 08986R101 4,058 568 16.28 1,680 20.52 0.0007
2015-02-13 2014-12-31 13F BIGLARI HOLDINGS COMMON 08986R101 3,490 -1,373 -28.23 1,394 -15.62 0.0005
2014-11-14 2014-09-30 13F BIGLARI HOLDINGS COMMON 08986R101 4,863 -10,081 -67.46 1,652 -73.86 0.0007
2014-08-14 2014-06-30 13F BIGLARI HOLDINGS COMMON 08986R101 14,944 -1,986 -11.73 6,321 -23.41 0.0025
2014-05-15 2014-03-31 13F BIGLARI HOLDINGS COMMON 08986R101 16,930 -103 -0.60 8,253 -4.37 0.0033
2014-02-13 2013-12-31 13F BIGLARI HOLDINGS COMMON 08986R101 17,033 4,055 31.25 8,630 61.13 0.0034
2013-11-13 2013-09-30 13F BIGLARI HOLDINGS COMMON 08986R101 12,978 10,693 467.96 5,356 471.00 0.0023
2013-08-14 2013-06-30 13F BIGLARI HOLDINGS COMMON 08986R101 2,285 2,285 938 0.0004
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.