Biglari Capital Corp.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Biglari Capital Corp. reported 12 stock positions worth $929.4 million. Its top holding was Biglari Class B (BH) at 50.3% of the portfolio, followed by Biglari Class A (BH.A, 29.0%) and Ferrari (RACE, 10.6%). Compared with Q4 2025, it added to 2 and reduced 1. The biggest buy was Ferrari (RACE, shares +29%) and the biggest sale Cracker Barrel Old Country (CBRL, shares −94%).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0001334429
- Portfolio Value
- $929.4M (Q1 2026)
- SEC Filing
- 0000921895-26-001419 ↗ filed May 15, 2026
Holdings Value
Holdings 12 stocks · $929.4M
| BH Biglari Holdings Inc. Class B | 50.26% | 1,417,285 | $467.1M | Add +0.7% |
| BH.A Biglari Holdings Inc. Class A | 28.97% | 154,474 | $269.2M | No change |
| RACE Ferrari NV | 10.63% | 291,981 | $98.8M | Add +29.4% |
| LOCO El Pollo Loco Holdings Inc. | 5.97% | 4,000,000 | $55.4M | No change |
| JACK Jack in the Box Inc. | 1.75% | 1,683,652 | $16.3M | No change |
| WYNN WYNN Resorts Ltd. | 1.57% | 143,801 | $14.6M | No change |
| KMX Carmax Inc. | 0.56% | 125,420 | $5.2M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.15% | 2 | $1.4M | No change |
| CBRL Cracker Barrel Old Country | 0.11% | 35,859 | $1.0M | Reduce -93.9% |
| BHC Bausch Health Cos Inc. | 0.02% | 41,070 | $222K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.00% | 100 | $34K | No change |
| KO The Coca-Cola Co. | 0.00% | 120 | $9K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| CBRL Cracker Barrel Old Country | Reduce -93.9% | 0.11% | −1.48 |
Portfolio Buys Q4 2025 → Q1 2026
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 |