BIGLARI CAPITAL CORP.: BIGLARI HLDGS INC (BH): Quarterly 13F Position History
As of Q1 2026, BIGLARI CAPITAL CORP. reported 1,417,285 shares of BIGLARI HLDGS INC (BH), worth $467.1M and representing 50.3% of its 13F equity book. Quarter-over-quarter share count change: + 9,717 (+0.7%) . The position first appeared in Q2 2018 and has been disclosed across 32 13F-HR filings in Pactolio's tracked window.
- 1,417,285Shares Held (Latest Filing)
- $467.1MReported Market Value (Latest Filing)
- 50.3%Portfolio Weight (% of 13F Equity Book)
- +9,717Quarter-over-Quarter Share Change
- -$794.9KQuarter-over-Quarter Value Change
- 1,417,285Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 32 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 1,417,285 | +9,717 | +0.7% | $467.1M | 50.3% | $329.6 |
| Q4 2025 | 1,407,568 | +13,131 | +0.9% | $467.9M | 50.2% | $332.4 |
| Q3 2025 | 1,394,437 | 0 | — | $451.3M | 49.4% | $323.6 |
| Q2 2025 | 1,394,437 | 0 | — | $407.5M | 47.1% | $292.2 |
| Q1 2025 | 1,394,437 | 0 | — | $302.0M | 42.6% | $216.5 |
| Q4 2024 | 1,394,437 | +45,366 | +3.4% | $354.6M | 42.3% | $254.3 |
| Q3 2024 | 1,349,071 | 0 | — | $232.1M | 35.6% | $172.0 |
| Q2 2024 | 1,349,071 | 0 | — | $260.9M | 39.7% | $193.4 |
| Q1 2024 | 1,349,071 | +11,405 | +0.9% | $255.9M | 34.3% | $189.7 |
| Q4 2023 | 1,337,666 | +9,813 | +0.7% | $220.6M | 32.5% | $164.9 |
| Q3 2023 | 1,327,853 | 0 | — | $220.4M | 34.4% | $166.0 |
| Q2 2023 | 1,327,853 | 0 | — | $261.8M | 34.7% | $197.1 |
| Q1 2023 | 1,327,853 | 0 | — | $224.7M | 31.3% | $169.2 |
| Q4 2022 | 1,327,853 | 0 | — | $184.3M | 31.6% | $138.8 |
| Q3 2022 | 1,327,853 | 0 | — | $153.5M | 33.7% | $115.6 |
| Q2 2022 | 1,327,853 | 0 | — | $162.9M | 38.7% | $122.7 |
| Q1 2022 | 1,327,853 | 0 | — | $192.0M | 33.4% | $144.6 |
| Q4 2021 | 1,327,853 | +39,776 | +3.1% | $189.3M | 28.9% | $142.6 |
| Q3 2021 | 1,288,077 | +12,937 | +1.0% | $221.3M | 30.4% | $171.8 |
| Q2 2021 | 1,275,140 | +19,311 | +1.5% | $203.3M | 28.8% | $159.5 |
| Q1 2021 | 1,255,829 | +1,888 | +0.2% | $166.7M | 23.8% | $132.8 |
| Q4 2020 | 1,253,941 | +84,017 | +7.2% | $139.4M | 24.8% | $111.2 |
| Q3 2020 | 1,169,924 | +22,966 | +2.0% | $104.1M | 20.9% | $89.0 |
| Q2 2020 | 1,146,958 | 0 | — | $79.1M | 18.6% | $69.0 |
| Q1 2020 | 1,146,958 | 0 | — | $59.0M | 20.0% | $51.4 |
| Q4 2019 | 1,146,958 | +4,572 | +0.4% | $131.2M | 22.4% | $114.4 |
| Q3 2019 | 1,142,386 | 0 | — | $124.5M | 21.9% | $109.0 |
| Q2 2019 | 1,142,386 | +19,074 | +1.7% | $118.6M | 16.7% | $103.9 |
| Q1 2019 | 1,123,312 | 0 | — | $158.8M | 19.0% | $141.4 |
| Q4 2018 | 1,123,312 | +350 | +0.0% | $127.6M | 14.0% | $113.6 |
| Q3 2018 | 1,122,962 | 0 | — | $203.6M | 19.7% | $181.3 |
| Q2 2018 | 1,122,962 | — | — | $206.1M | 19.0% | $183.5 |
Methodology & FAQ
How This Position History Is Sourced
Each row is one SEC Form 13F-HR filing disclosing this position. Share count, market value, and reported quarter are taken verbatim from the filing; portfolio weight is recomputed against the same filing's total reported equity book. Implied price-per-share is market value divided by shares — a quarter-end mark, not the manager's cost basis. See the full methodology document for the normalization rules.
When did BIGLARI CAPITAL CORP. first disclose a BH position in 13F-HR filings?
BIGLARI CAPITAL CORP. first reported BIGLARI HLDGS INC (BH) on its 13F-HR filing for the period ending 2018-06-30 (Q2 2018). The position has appeared on 32 reported quarters within Pactolio's tracked window.
What was BIGLARI CAPITAL CORP.'s most recent quarter-over-quarter share-count change in BH?
Between Q4 2025 and Q1 2026, BIGLARI CAPITAL CORP. added 9,717 shares of BH (+0.7%), bringing the total reported position to 1,417,285 shares at a market value of $467.1M.
Does the implied price-per-share represent BIGLARI CAPITAL CORP.'s cost basis in BH?
No. The implied price-per-share column is the 13F-HR reported market value divided by reported share count on the filing date (end of quarter). It is a quarter-end mark, not a cost basis or transaction price. Use it as a sanity check on the value column, not as an indicator of the manager's entry or exit price.