Biglari Capital Corp.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Biglari Capital Corp. reported 12 stock positions worth $913.2 million. Its top holding was Biglari Class B (BH) at 49.4% of the portfolio, followed by Biglari Class A (BH.A, 26.0%) and Ferrari (RACE, 11.0%). Compared with Q2 2025, it added to 1 and reduced 1. The biggest buy was Ferrari (RACE, shares +13%) and the biggest sale Cracker Barrel Old Country (CBRL, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0001334429
- Portfolio Value
- $913.2M (Q3 2025)
- SEC Filing
- 0000921895-25-003109 ↗ filed Nov 14, 2025
Holdings Value
Holdings 12 stocks · $913.2M
| BH Biglari Holdings Inc. Class B | 49.42% | 1,394,437 | $451.3M | No change |
| BH.A Biglari Holdings Inc. Class A | 26.00% | 153,677 | $237.4M | No change |
| RACE Ferrari NV | 11.03% | 207,600 | $100.7M | Add +12.5% |
| LOCO El Pollo Loco Holdings Inc. | 4.25% | 4,000,000 | $38.8M | No change |
| JACK Jack in the Box Inc. | 3.64% | 1,683,652 | $33.3M | No change |
| CBRL Cracker Barrel Old Country | 2.82% | 585,000 | $25.8M | Reduce -34.8% |
| WYNN WYNN Resorts Ltd. | 2.02% | 143,801 | $18.4M | No change |
| KMX Carmax Inc. | 0.62% | 125,420 | $5.6M | 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 | $265K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.00% | 100 | $28K | No change |
| KO The Coca-Cola Co. | 0.00% | 120 | $8K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| CBRL Cracker Barrel Old Country | Reduce -34.8% | 2.82% | −3.51 |
Portfolio Buys Q2 2025 → Q3 2025
| RACE Ferrari NV | Add +12.5% | 11.03% | +0.56 |
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 |