Biglari Holdings Class B (BH)

• Market cap: $973M
• 1 day: 3.12%
• 5 days: -0.41%
• 1 month: 0.17%
• 3 months: 14.73%
• 6 months: 47.79%
• Year to date: 25.39%
• 1 year: 84.36%
• 5 years: 220.04%
• 10 years: 25.03%
• Sector: Consumer Discretionary
• Industry: Restaurants

About: Biglari Holdings Inc is a holding company that owns subsidiaries in a range of businesses. The company's reportable segments include Restaurant Operations, Insurance Operations, Oil and Gas Operations. Company's restaurant operations include Steak n Shake and Western Sizzlin. Its insurance operations include First Guard, Southern Pioneer, and Biglari Reinsurance. Oil and gas operations include Southern Oil and Abraxas Petroleum. The Company also reports segment information for Maxim. The majority of revenue is derived from the Maxim Segment.

Employees: 2,535

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

229% more first-time investments, than exits

New positions opened: 23 | Existing positions closed: 7

37% more capital invested

Capital invested by funds: $389M [Q1] → $535M (+$146M) [Q2]

21% more funds holding

Funds holding: 76 [Q1] → 92 (+16) [Q2]

1.65% more ownership

Funds ownership: 86.85% [Q1] → 88.5% (+1.65%) [Q2]

0% more funds holding in top 10

Funds holding in top 10: 2 [Q1] → 2 (+0) [Q2]

4% less repeat investments, than reductions

Existing positions increased: 23 | Existing positions reduced: 24