Biglari Capital Corp.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Biglari Capital Corp. reported 13 stock positions worth $709.0 million. Its top holding was Biglari Class B (BH) at 42.6% of the portfolio, followed by Biglari Class A (BH.A, 23.8%) and Cracker Barrel Old Country (CBRL, 11.0%). Compared with Q4 2024, it reduced 1. The biggest sale was Bausch Health Cos (BHC, shares −66%).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0001334429
- Portfolio Value
- $709.0M (Q1 2025)
- SEC Filing
- 0000921895-25-001555 ↗ filed May 15, 2025
Holdings Value
Holdings 13 stocks · $709.0M
| BH Biglari Holdings Inc. Class B | 42.59% | 1,394,437 | $302.0M | No change |
| BH.A Biglari Holdings Inc. Class A | 23.84% | 153,677 | $169.0M | No change |
| CBRL Cracker Barrel Old Country | 10.95% | 2,000,000 | $77.6M | No change |
| RACE Ferrari NV | 9.26% | 153,500 | $65.7M | No change |
| LOCO El Pollo Loco Holdings Inc. | 5.81% | 4,000,000 | $41.2M | No change |
| JACK Jack in the Box Inc. | 4.12% | 1,073,883 | $29.2M | No change |
| WYNN WYNN Resorts Ltd. | 1.63% | 138,801 | $11.6M | No change |
| KMX Carmax Inc. | 1.38% | 125,420 | $9.8M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.23% | 2 | $1.6M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.09% | 5,000 | $661K | No change |
| BHC Bausch Health Cos Inc. | 0.09% | 100,070 | $647K | Reduce -66.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.00% | 100 | $17K | No change |
| KO The Coca-Cola Co. | 0.00% | 120 | $9K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| BHC Bausch Health Cos Inc. | Reduce -66.1% | 0.09% | −0.19 |
Portfolio Buys Q4 2024 → Q1 2025
| None this quarter. | |||
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 12 | $1.2B | BH, BH.A, RACE, LOCO, JACK |
| Q1 2026 | 12 | $929.4M | BH, BH.A, RACE, LOCO, JACK |
| Q4 2025 | 12 | $932.7M | BH, BH.A, RACE, LOCO, JACK |
| Q3 2025 | 12 | $913.2M | BH, BH.A, RACE, LOCO, JACK |
| Q2 2025 | 12 | $865.1M | BH, BH.A, RACE, CBRL, LOCO |
| Q1 2025 | 13 | $709.0M | BH, BH.A, CBRL, RACE, LOCO |
| Q4 2024 | 13 | $838.8M | BH, BH.A, CBRL, RACE, LOCO |
| Q3 2024 | 13 | $651.4M | BH, BH.A, CBRL, RACE, LOCO |
| Q2 2024 | 12 | $657.0M | BH, BH.A, CBRL, RACE, JACK |
| Q1 2024 | 12 | $746.3M | BH, CBRL, BH.A, JACK, RACE |