Biglari Capital Corp.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Biglari Capital Corp. reported 12 stock positions worth $865.1 million. Its top holding was Biglari Class B (BH) at 47.1% of the portfolio, followed by Biglari Class A (BH.A, 24.9%) and Ferrari (RACE, 10.5%). Compared with Q1 2025, it sold out of 1, added to 3 and reduced 2. The biggest buy was Ferrari (RACE, shares +20%) and the biggest sale Cracker Barrel Old Country (CBRL, shares −55%).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0001334429
- Portfolio Value
- $865.1M (Q2 2025)
- SEC Filing
- 0000921895-25-002303 ↗ filed Aug 14, 2025
Holdings Value
Holdings 12 stocks · $865.1M
| BH Biglari Holdings Inc. Class B | 47.10% | 1,394,437 | $407.5M | No change |
| BH.A Biglari Holdings Inc. Class A | 24.88% | 153,677 | $215.2M | No change |
| RACE Ferrari NV | 10.47% | 184,500 | $90.5M | Add +20.2% |
| CBRL Cracker Barrel Old Country | 6.33% | 896,775 | $54.8M | Reduce -55.2% |
| LOCO El Pollo Loco Holdings Inc. | 5.09% | 4,000,000 | $44.0M | No change |
| JACK Jack in the Box Inc. | 3.40% | 1,683,652 | $29.4M | Add +56.8% |
| WYNN WYNN Resorts Ltd. | 1.56% | 143,801 | $13.5M | Add +3.6% |
| KMX Carmax Inc. | 0.97% | 125,420 | $8.4M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.17% | 2 | $1.5M | No change |
| BHC Bausch Health Cos Inc. | 0.03% | 41,070 | $274K | Reduce -59.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.00% | 100 | $23K | No change |
| KO The Coca-Cola Co. | 0.00% | 120 | $8K | No change |
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
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 |