Biglari Holdings Inc.
US ˙ NYSE ˙ US08986R3093

SecurityBH / Biglari Holdings Inc.
InstitutionBarclays Plc
Latest Disclosed Ownership1,385 shares
Latest Disclosed Value $ 460,415
Barclays Plc reports 35.64% decrease in ownership of BH / Biglari Holdings Inc.

On February 13, 2026 - Barclays Plc filed a 13F-HR form disclosing ownership of 1,385 shares of Biglari Holdings Inc. (US:BH) valued at $460,416 USD as of December 31, 2025. The entity filed a previous 13F-HR/A on March 31, 2026 disclosing 2,152 shares of Biglari Holdings Inc.. This represents a change in shares of -35.64% during the quarter. The current value of the position is $410,237 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)
2026-02-13 2025-12-31 13F BIGLARI HLDGS COM 08986R309 1,385 -767 -35.64 460 -33.91 0.0001
2026-03-31 2025-09-30 13F/A-3 BIGLARI HLDGS COM 08986R309 2,152 1,007 87.95 696 108.38 0.0002
2026-03-19 2025-09-30 13F/A-2 BIGLARI HLDGS COM 08986R309 1,974 829 340 0.0001
2025-11-12 2025-09-30 13F BIGLARI HLDGS COM 08986R309 2,152 1,007 696 0.0002
2026-02-27 2025-06-30 13F/A-2 BIGLARI HLDGS COM 08986R309 1,145 -468 -29.01 335 -4.30 0.0001
2025-08-14 2025-06-30 13F/A-1 BIGLARI HLDGS COM 08986R309 1,145 -468 0 0.0001
2025-08-13 2025-06-30 13F BIGLARI HLDGS COM 08986R309 1,145 -468 0 0.0000
2026-03-17 2025-03-31 13F/A-1 BIGLARI HLDGS COM 08986R309 1,613 -362 -18.33 349 -30.48 0.0001
2025-05-15 2025-03-31 13F BIGLARI HLDGS COM 08986R309 1,613 -362 0 0.0001
2026-03-19 2024-12-31 13F/A-1 BIGLARI HLDGS COM 08986R309 1,975 1 0.05 502 48.08 0.0001
2025-02-13 2024-12-31 13F BIGLARI HLDGS COM 08986R309 1,975 1 1 0.0001
2026-03-31 2024-09-30 13F/A-2 BIGLARI HLDGS COM 08986R309 1,974 869 78.64 340 59.15 0.0001
2024-11-19 2024-09-30 13F/A-1 BIGLARI HLDGS COM 08986R309 1,974 869 0 0.0001
2024-11-15 2024-09-30 13F BIGLARI HLDGS COM 08986R309 1,974 869 0 0.0000
2026-03-23 2024-06-30 13F/A-1 BIGLARI HLDGS COM 08986R309 1,105 48 4.54 214 6.50 0.0001
2024-08-14 2024-06-30 13F BIGLARI HLDGS COM 08986R309 1,105 48 0 0.0001
2026-03-24 2024-03-31 13F/A-1 BIGLARI HLDGS COM 08986R309 1,057 -529 -33.35 200 -23.37 0.0001
2024-05-15 2024-03-31 13F BIGLARI HLDGS COM 08986R309 1,057 -529 0 0.0001
2026-03-25 2023-12-31 13F/A-1 BIGLARI HLDGS COM 08986R309 1,586 1,139 254.81 262 252.70 0.0001
2024-02-15 2023-12-31 13F BIGLARI HLDGS COM 08986R309 1,586 1,139 0 0.0001
2026-03-26 2023-09-30 13F/A-1 BIGLARI HLDGS COM 08986R309 447 76 20.49 74 1.37 0.0000
2023-11-07 2023-09-30 13F BIGLARI HLDGS COM 08986R309 447 76 0 0.0000
2026-03-30 2023-06-30 13F/A-2 BIGLARI HLDGS COM 08986R309 371 -742 -66.67 73 -61.17 0.0000
2023-09-20 2023-06-30 13F/A-1 BIGLARI HLDGS COM 08986R309 371 -742 0 0.0000
2023-08-03 2023-06-30 13F BIGLARI HLDGS COM 08986R309 371 -742 0 0.0000
2026-03-30 2023-03-31 13F/A-1 BIGLARI HLDGS COM 08986R309 1,113 -202 -15.36 188 3.30 0.0001
2023-05-04 2023-03-31 13F BIGLARI HLDGS COM 08986R309 1,113 -202 0 0.0001
2026-03-30 2022-12-31 13F/A-1 BIGLARI HLDGS COM 08986R309 1,315 168 14.65 183 36.84 0.0001
2023-02-13 2022-12-31 13F BIGLARI HLDGS COM 08986R309 1,315 168 0 0.0001
2022-11-03 2022-09-30 13F BIGLARI HLDGS COM 08986R309 1,147 -6 -0.52 133 -6.34 0.0001
2022-08-12 2022-06-30 13F BIGLARI HLDGS COM 08986R309 1,153 -94 -7.54 142 -21.11 0.0001
2022-05-16 2022-03-31 13F BIGLARI HLDGS COM 08986R309 1,247 -853 -40.62 180 -39.80 0.0001
2022-02-23 2021-12-31 13F/A-1 BIGLARI HLDGS COM 08986R309 2,100 643 44.13 299 19.12 0.0001
2022-02-14 2021-12-31 13F BIGLARI HLDGS COM 08986R309 2,100 643 299 0.0000
2021-11-09 2021-09-30 13F BIGLARI HLDGS COM 08986R309 1,457 -1,611 -52.51 251 -48.67 0.0001
2021-08-13 2021-06-30 13F BIGLARI HLDGS COM 08986R309 3,068 -1,207 -28.23 489 -13.76 0.0002
2021-05-13 2021-03-31 13F BIGLARI HLDGS COM 08986R309 4,275 93 2.22 567 21.94 0.0003
2021-02-11 2020-12-31 13F BIGLARI HLDGS COM 08986R309 4,182 -552 -11.66 465 10.45 0.0002
2020-11-12 2020-09-30 13F BIGLARI HLDGS COM 08986R309 4,734 180 3.95 421 34.08 0.0003
2020-08-12 2020-06-30 13F BIGLARI HLDGS COM 08986R309 4,554 1,629 55.69 314 109.33 0.0002
2020-05-13 2020-03-31 13F BIGLARI HLDGS COM 08986R309 2,925 1,578 117.15 150 -2.60 0.0001
2020-02-10 2019-12-31 13F BIGLARI HLDGS COM 08986R309 1,347 -46 -3.30 154 0.65 0.0001
2019-11-15 2019-09-30 13F/A-1 BIGLARI HLDGS COM 08986R309 1,393 643 85.73 153 96.15 0.0001
2019-11-14 2019-09-30 13F BIGLARI HLDGS COM 08986R309 1,393 643 153 35.3738
2019-08-14 2019-06-30 13F BIGLARI HLDGS COM 08986R309 750 81 12.11 78 -17.89 0.0000
2019-05-15 2019-03-31 13F BIGLARI HLDGS COM 08986R309 669 295 78.88 95 126.19 0.0001
2019-02-14 2018-12-31 13F BIGLARI HLDGS COM 08986R309 374 -351 -48.41 42 -67.94 0.0000
2018-11-14 2018-09-30 13F BIGLARI HLDGS COM 08986R309 725 174 31.58 131 29.70 0.0001
2018-08-14 2018-06-30 13F BIGLARI HLDGS COM 08986R309 551 240 77.17 101 -20.47 0.0001
2018-05-15 2018-03-31 13F BIGLARI HLDGS COM 08986R101 311 150 93.17 127 89.55 0.0001
2018-02-14 2017-12-31 13F BIGLARI HLDGS COM 08986R101 161 137 570.83 67 737.50 0.0001
2017-11-14 2017-09-30 13F BIGLARI HLDGS COM 08986R101 24 -97 -80.17 8 -83.33 0.0000
2017-08-14 2017-06-30 13F BIGLARI HLDGS COM 08986R101 121 48 65.75 48 54.84 0.0001
2017-05-15 2017-03-31 13F BIGLARI HLDGS COM 08986R101 73 10 15.87 31 3.33 0.0000
2017-02-14 2016-12-31 13F BIGLARI HLDGS COM 08986R101 63 41 186.36 30 200.00 0.0000
2016-11-14 2016-09-30 13F BIGLARI HLDGS COM 08986R101 22 -54 -71.05 10 -67.74 0.0000
2016-08-12 2016-06-30 13F BIGLARI HLDGS COM 08986R101 76 -40 -34.48 31 -27.91 0.0000
2016-05-16 2016-03-31 13F BIGLARI HLDGS COM 08986R101 116 116 0.00 43 0.0001
2016-02-12 2015-12-31 13F BIGLARI HLDGS COM 08986R101 0 -9 -100.00 0 -100.00
2015-11-13 2015-09-30 13F BIGLARI HLDGS COM 08986R101 9 -23 -71.88 3 -76.92 0.0000
2015-08-14 2015-06-30 13F BIGLARI HLDGS COM 08986R101 32 -20 -38.46 13 -38.10 0.0000
2015-05-19 2015-03-31 13F/A-1 BIGLARI HLDGS COM 08986R101 52 -646 -92.55 21 -92.45 0.0000
2015-05-14 2015-03-31 13F BIGLARI HLDGS COM 08986R101 52 21
2015-02-13 2014-12-31 13F BIGLARI HLDGS COM 08986R101 698 -850 -54.91 278 -47.05 0.0003
2014-11-14 2014-09-30 13F BIGLARI HLDGS COM 08986R101 1,548 1,101 246.31 525 177.78 0.0005
2014-08-14 2014-06-30 13F BIGLARI HLDGS COM 08986R101 447 -138 -23.59 189 -33.68 0.0002
2014-05-15 2014-03-31 13F BIGLARI HLDGS COM 08986R101 585 97 19.88 285 15.38 0.0003
2014-02-13 2013-12-31 13F BIGLARI HLDGS COM 08986R101 488 -949 -66.04 247 -58.28 0.0003
2013-11-14 2013-09-30 13F BIGLARI HLDGS COM 08986R101 1,437 589 69.46 592 70.11 0.0007
2013-08-14 2013-06-30 13F BIGLARI HLDGS COM 08986R101 848 848 348 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.