Also trades as: BH-A (NYSE) · $vol 51M
BH Institutional Ownership
Biglari Holdings Inc.
1W: -12.9%
1M: +12.6%
3M: +0.7%
YTD: +12.1%
1Y: +2.8%
3Y: +160.0%
5Y: +129.9%
$386.06
-3.05 (-0.78%)
Weekly Expected Move ±6.9%
$342
$369
$396
$424
$451
Credit Risk of going bust: higher than 56% of companies Debt: 19.1% of company value Bonds: none of note held by US funds details ▾
Of US companies ranked in the middle of the pack, about 1 in 580 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $8.80 (down 98%), Biglari Holdings Inc. would be worth roughly what it owes.
Total debt $289.3M against a stock market value of $1.23B.
Distance to default 4.60 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $133.4M (short-term plus half of long-term), stock volatility 53.9%; Altman Z'' 4.29. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.
If the stock fell to about $8.80 (down 98%), Biglari Holdings Inc. would be worth roughly what it owes.
Total debt $289.3M against a stock market value of $1.23B.
Distance to default 4.60 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $133.4M (short-term plus half of long-term), stock volatility 53.9%; Altman Z'' 4.29. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.
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Institutional Ownership — BH
141
Institutional Holders
+10 vs prior quarter
0.0%
Ownership
+0.00pp
$854M
Total Invested
27
New Positions
34
Increased
53
Reduced
24
Closed
0.00
Put/Call Ratio
Ownership Trends
Top Institutional Holders (152 total)
| # | Holder | Shares | Value | Change | Change % | Holding Period | Filing |
|---|---|---|---|---|---|---|---|
| 1 | BIGLARI CAPITAL CORP. | 1,472,237 | $568M | +54,952 | +3.9% | 33Q | SEC ↗ |
| 2 | DIMENSIONAL FUND ADVISORS LP | 106,257 | $41M | +4,010 | +3.9% | 33Q | SEC ↗ |
| 3 | TWO SIGMA INVESTMENTS, LP | 50,618 | $20M | +42,023 | +488.9% | 5Q | SEC ↗ |
| 4 | BlackRock, Inc. | 46,135 | $18M | +1,089 | +2.4% | 8Q | SEC ↗ |
| 5 | MARSHALL WACE, LLP | 31,016 | $12M | -1,191 | -3.7% | 3Q | SEC ↗ |
| 6 | RENAISSANCE TECHNOLOGIES LLC | 28,627 | $11M | +6,885 | +31.7% | 14Q | SEC ↗ |
| 7 | VANGUARD CAPITAL MANAGEMENT LLC | 28,185 | $11M | -1,570 | -5.3% | 2Q | SEC ↗ |
| 8 | MILLENNIUM MANAGEMENT LLC | 26,774 | $10M | +9,432 | +54.4% | 3Q | SEC ↗ |
| 9 | GEODE CAPITAL MANAGEMENT, LLC | 14,922 | $6M | +1,088 | +7.9% | 33Q | SEC ↗ |
| 10 | Trexquant Investment LP | 14,559 | $6M | -7,151 | -32.9% | 3Q | SEC ↗ |
| 11 | STATE STREET CORP | 12,806 | $5M | -1,137 | -8.2% | 33Q | SEC ↗ |
| 12 | Connor, Clark & Lunn Investment Manage | 12,309 | $5M | +970 | +8.6% | 33Q | SEC ↗ |
| 13 | AQR CAPITAL MANAGEMENT LLC | 9,490 | $4M | +3,556 | +59.9% | 5Q | SEC ↗ |
| 14 | Qube Research & Technologies Ltd | 8,775 | $3M | -13,640 | -60.9% | 4Q | SEC ↗ |
| 15 | JPMORGAN CHASE & CO | 7,850 | $3M | -4,458 | -36.2% | 33Q | SEC ↗ |
| 16 | Sixth Street Partners Management Compa NEW | 7,703 | $3M | — | +0.0% | 1Q | SEC ↗ |
| 17 | CHARLES SCHWAB INVESTMENT MANAGEMENT I | 7,703 | $3M | +864 | +12.6% | 15Q | SEC ↗ |
| 18 | VANGUARD PORTFOLIO MANAGEMENT LLC | 7,344 | $3M | -254 | -3.3% | 2Q | SEC ↗ |
| 19 | NORTHERN TRUST CORP | 7,161 | $3M | +228 | +3.3% | 33Q | SEC ↗ |
| 20 | HRT FINANCIAL LP NEW | 6,481 | $3M | — | +0.0% | 1Q | SEC ↗ |
| 21 | JANE STREET GROUP, LLC | 6,128 | $2M | -11,281 | -64.8% | 2Q | SEC ↗ |
| 22 | Pacer Advisors, Inc. | 5,829 | $2M | +483 | +9.0% | 4Q | SEC ↗ |
| 23 | Nuveen, LLC | 5,039 | $2M | +794 | +18.7% | 6Q | SEC ↗ |
| 24 | XTX Topco Ltd | 4,495 | $2M | -6,110 | -57.6% | 2Q | SEC ↗ |
| 25 | VANGUARD FIDUCIARY TRUST CO | 4,326 | $2M | +54 | +1.3% | 2Q | SEC ↗ |
| 26 | Point72 Asset Management, L.P. | 4,189 | $2M | -1,035 | -19.8% | 4Q | SEC ↗ |
| 27 | Y-Intercept (Hong Kong) Ltd | 4,055 | $2M | -205 | -4.8% | 2Q | SEC ↗ |
| 28 | GSA CAPITAL PARTNERS LLP | 3,856 | $1M | +1,721 | +80.6% | 11Q | SEC ↗ |
| 29 | SUSQUEHANNA INTERNATIONAL GROUP, LLP NEW | 2,982 | $1M | — | +0.0% | 1Q | SEC ↗ |
| 30 | CITADEL ADVISORS LLC NEW | 2,980 | $1M | — | +0.0% | 1Q | SEC ↗ |
| 31 | MORGAN STANLEY | 2,739 | $1M | -547 | -16.6% | 33Q | SEC ↗ |
| 32 | BRIDGEWAY CAPITAL MANAGEMENT, LLC | 2,625 | $1M | -2,360 | -47.3% | 27Q | SEC ↗ |
| 33 | BARCLAYS PLC | 2,570 | $992K | +291 | +12.8% | 33Q | SEC ↗ |
| 34 | O'SHAUGHNESSY ASSET MANAGEMENT, LLC | 2,408 | $930K | -1,702 | -41.4% | 27Q | SEC ↗ |
| 35 | BANK OF AMERICA CORP /DE | 2,039 | $787K | +752 | +58.4% | 15Q | SEC ↗ |
| 36 | STRS OHIO | 2,000 | $772K | +100 | +5.3% | 30Q | SEC ↗ |
| 37 | Bank of New York Mellon Corp | 1,983 | $766K | +310 | +18.5% | 33Q | SEC ↗ |
| 38 | ALLIANCEBERNSTEIN L.P. | 1,931 | $745K | +1,000 | +107.4% | 5Q | SEC ↗ |
| 39 | Engineers Gate Manager LP NEW | 1,920 | $741K | — | +0.0% | 1Q | SEC ↗ |
| 40 | Invesco Ltd. | 1,830 | $706K | -18,108 | -90.8% | 5Q | SEC ↗ |
| 41 | Rathbones Group PLC | 1,700 | $656K | — | +0.0% | 12Q | SEC ↗ |
| 42 | RITHOLTZ WEALTH MANAGEMENT | 1,672 | $645K | -839 | -33.4% | 14Q | SEC ↗ |
| 43 | Jump Financial, LLC NEW | 1,640 | $633K | — | +0.0% | 1Q | SEC ↗ |
| 44 | HSBC HOLDINGS PLC | 1,626 | $628K | +103 | +6.8% | 3Q | SEC ↗ |
| 45 | UBS Group AG | 1,617 | $624K | +16 | +1.0% | 15Q | SEC ↗ |
| 46 | Centiva Capital, LP NEW | 1,570 | $606K | — | +0.0% | 1Q | SEC ↗ |
| 47 | Lotus Technology Management, LP NEW | 1,534 | $592K | — | +0.0% | 1Q | SEC ↗ |
| 48 | STATE OF WISCONSIN INVESTMENT BOARD NEW | 1,487 | $574K | — | +0.0% | 1Q | SEC ↗ |
| 49 | JACOBS LEVY EQUITY MANAGEMENT, INC | 1,451 | $560K | — | +0.0% | 15Q | SEC ↗ |
| 50 | LPL Financial LLC | 1,130 | $436K | — | +0.0% | 7Q | SEC ↗ |
Recent Activity
New Positions (20)
| Holder | Shares | Value |
|---|---|---|
| Sixth Street Partners Management Co | 7,703 | $3M |
| HRT FINANCIAL LP | 6,481 | $3M |
| SUSQUEHANNA INTERNATIONAL GROUP, LL | 2,982 | $1M |
| CITADEL ADVISORS LLC | 2,980 | $1M |
| Engineers Gate Manager LP | 1,920 | $741K |
| Jump Financial, LLC | 1,640 | $633K |
| Centiva Capital, LP | 1,570 | $606K |
| Lotus Technology Management, LP | 1,534 | $592K |
| STATE OF WISCONSIN INVESTMENT BOARD | 1,487 | $574K |
| INCEPTIONR LLC | 1,048 | $405K |
| Dynamic Technology Lab Private Ltd | 921 | $356K |
| Susquehanna Portfolio Strategies, L | 853 | $329K |
| Squarepoint Ops LLC | 663 | $256K |
| CANADA PENSION PLAN INVESTMENT BOAR | 560 | $216K |
| PRICE T ROWE ASSOCIATES INC /MD | 482 | $186K |
| MERCER GLOBAL ADVISORS INC /ADV | 123 | $47K |
| SIGNATUREFD, LLC | 74 | $29K |
| SIMS INVESTMENT MANAGEMENT, LLC | 50 | $19K |
| Integrated Wealth Concepts LLC | 48 | $19K |
| Global Retirement Partners, LLC | 31 | $12K |
Sold Out (20)
| Holder | Prev Shares | Prev Value |
|---|---|---|
| Swiss Life Asset Management Ltd | 66,094 | $26M |
| Peapod Lane Capital LLC | 12,399 | $5M |
| Empowered Funds, LLC | 11,607 | $4M |
| ARROWSTREET CAPITAL, LIMITED PARTNE | 10,354 | $4M |
| TUDOR INVESTMENT CORP ET AL | 9,700 | $4M |
| GOLDMAN SACHS GROUP INC | 9,353 | $4M |
| Quadrature Capital Ltd | 5,054 | $2M |
| DARK FOREST CAPITAL MANAGEMENT LP | 4,336 | $2M |
| Logan Stone Capital, LLC | 3,095 | $1M |
| VOLORIDGE INVESTMENT MANAGEMENT, LL | 2,686 | $1M |
| LOS ANGELES CAPITAL MANAGEMENT LLC | 2,532 | $978K |
| EntryPoint Capital, LLC | 2,449 | $945K |
| CAXTON ASSOCIATES LLP | 2,126 | $821K |
| Shay Capital LLC | 1,915 | $739K |
| Freestone Grove Partners LP | 1,508 | $582K |
| Swiss National Bank | 1,440 | $556K |
| Huntleigh Advisors, Inc. | 1,401 | $541K |
| Saber Capital Managment, LLC | 1,215 | $469K |
| Polymer Capital Management (US) LLC | 988 | $381K |
| CenterBook Partners LP | 853 | $329K |
Biggest Increases (20)
| Holder | Added | Change % | Total Shares |
|---|---|---|---|
| BIGLARI CAPITAL CORP. | +54,952 | +3.9% | 1,472,237 |
| TWO SIGMA INVESTMENTS, LP | +42,023 | +488.9% | 50,618 |
| MILLENNIUM MANAGEMENT LLC | +9,432 | +54.4% | 26,774 |
| RENAISSANCE TECHNOLOGIES LLC | +6,885 | +31.7% | 28,627 |
| DIMENSIONAL FUND ADVISORS LP | +4,010 | +3.9% | 106,257 |
| AQR CAPITAL MANAGEMENT LLC | +3,556 | +59.9% | 9,490 |
| GSA CAPITAL PARTNERS LLP | +1,721 | +80.6% | 3,856 |
| BlackRock, Inc. | +1,089 | +2.4% | 46,135 |
| GEODE CAPITAL MANAGEMENT, LLC | +1,088 | +7.9% | 14,922 |
| ALLIANCEBERNSTEIN L.P. | +1,000 | +107.4% | 1,931 |
| Connor, Clark & Lunn Investment Man | +970 | +8.6% | 12,309 |
| CHARLES SCHWAB INVESTMENT MANAGEMEN | +864 | +12.6% | 7,703 |
| Nuveen, LLC | +794 | +18.7% | 5,039 |
| BANK OF AMERICA CORP /DE | +752 | +58.4% | 2,039 |
| Pacer Advisors, Inc. | +483 | +9.0% | 5,829 |
| Russell Investments Group, Ltd. | +325 | +315.5% | 428 |
| Bank of New York Mellon Corp | +310 | +18.5% | 1,983 |
| WELLS FARGO & COMPANY/MN | +308 | +108.1% | 593 |
| BARCLAYS PLC | +291 | +12.8% | 2,570 |
| DEUTSCHE BANK AG | +253 | +60.4% | 672 |
Biggest Decreases (20)
| Holder | Reduced | Change % | Total Shares |
|---|---|---|---|
| Invesco Ltd. | -18,108 | -90.8% | 1,830 |
| Qube Research & Technologies Ltd | -13,640 | -60.9% | 8,775 |
| JANE STREET GROUP, LLC | -11,281 | -64.8% | 6,128 |
| Trexquant Investment LP | -7,151 | -32.9% | 14,559 |
| XTX Topco Ltd | -6,110 | -57.6% | 4,495 |
| D. E. Shaw & Co., Inc. | -4,551 | -81.7% | 1,019 |
| JPMORGAN CHASE & CO | -4,458 | -36.2% | 7,850 |
| UBS AM, a distinct business unit of | -2,960 | -99.6% | 13 |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | -2,360 | -47.3% | 2,625 |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | -1,702 | -41.4% | 2,408 |
| VANGUARD CAPITAL MANAGEMENT LLC | -1,570 | -5.3% | 28,185 |
| SG Americas Securities, LLC | -1,211 | -79.8% | 306 |
| MARSHALL WACE, LLP | -1,191 | -3.7% | 31,016 |
| STATE STREET CORP | -1,137 | -8.2% | 12,806 |
| Point72 Asset Management, L.P. | -1,035 | -19.8% | 4,189 |
| RITHOLTZ WEALTH MANAGEMENT | -839 | -33.4% | 1,672 |
| MORGAN STANLEY | -547 | -16.6% | 2,739 |
| Brooklyn Investment Group | -480 | -40.7% | 700 |
| OSAIC HOLDINGS, INC. | -449 | -97.2% | 13 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | -254 | -3.3% | 7,344 |