Biglari Holdings Inc. - Class A
US ˙ NYSE ˙ US08986R4083
QUESTO SIMBOLO NON E' PIU' ATTIVO

SecurityBHA / Biglari Holdings Inc. - Class A
InstitutionMorgan Stanley
Latest Disclosed Ownership223 shares
Latest Disclosed Value $ 388,620
Morgan Stanley reports 57.04% increase in ownership of BHA / Biglari Holdings Inc. - Class A

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 223 shares of Biglari Holdings Inc. - Class A (US:BHA) valued at $388,620 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 142 shares of Biglari Holdings Inc. - Class A. This represents a change in shares of 57.04% during the quarter. The current value of the position is $129,786 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F BIGLARI HLDGS COM STK CL A 08986R408 223 81 57.04 389 57.09 0.0000
2026-05-27 2025-12-31 13F/A-1 BIGLARI HLDGS COM STK CL A 08986R408 142 13 10.08 247 24.12 0.0000
2026-02-13 2025-12-31 13F BIGLARI HLDGS COM STK CL A 08986R408 142 13 247 0.0000
2026-05-27 2025-09-30 13F/A-1 BIGLARI HLDGS COM STK CL A 08986R408 129 71 122.41 199 145.68 0.0000
2025-11-14 2025-09-30 13F BIGLARI HLDGS COM STK CL A 08986R408 129 71 199 0.0000
2025-08-15 2025-06-30 13F BIGLARI HLDGS COM STK CL A 08986R408 58 -9 -13.43 81 10.96 0.0000
2025-05-15 2025-03-31 13F BIGLARI HLDGS COM STK CL A 08986R408 67 9 15.52 74 0.00 0.0000
2025-05-15 2024-12-31 13F/A-1 BIGLARI HLDGS COM STK CL A 08986R408 58 0 0.00 74 52.08 0.0000
2025-02-14 2024-12-31 13F BIGLARI HLDGS COM STK CL A 08986R408 58 0 74 0.0000
2025-05-14 2024-09-30 13F/A-2 BIGLARI HLDGS COM STK CL A 08986R408 58 0 0.00 48 -7.69 0.0000
2025-02-14 2024-09-30 13F/A-1 BIGLARI HLDGS COM STK CL A 08986R408 58 0 48 0.0000
2024-11-14 2024-09-30 13F BIGLARI HLDGS COM STK CL A 08986R408 58 0 48 0.0000
2025-05-14 2024-06-30 13F/A-2 BIGLARI HLDGS COM STK CL A 08986R408 58 0 0.00 53 -1.89 0.0000
2024-10-17 2024-06-30 13F/A-1 BIGLARI HLDGS COM STK CL A 08986R408 58 0 53 0.0000
2024-08-14 2024-06-30 13F BIGLARI HLDGS COM STK CL A 08986R408 58 0 53 0.0000
2024-10-17 2024-03-31 13F/A-2 BIGLARI HLDGS COM STK CL A 08986R408 58 0 0.00 54 15.22 0.0000
2024-08-16 2024-03-31 13F/A-1 BIGLARI HLDGS COM STK CL A 08986R408 58 0 54 0.0000
2024-05-15 2024-03-31 13F BIGLARI HLDGS COM STK CL A 08986R408 58 0 54 0.0000
2024-08-16 2023-12-31 13F/A-1 BIGLARI HLDGS COM STK CL A 08986R408 58 1 1.75 46 2.22 0.0000
2024-02-13 2023-12-31 13F BIGLARI HLDGS COM STK CL A 08986R408 58 1 46 0.0000
2023-11-15 2023-09-30 13F BIGLARI HLDGS COM STK CL A 08986R408 57 0 0.00 45 -16.67 0.0000
2023-08-14 2023-06-30 13F BIGLARI HLDGS COM STK CL A 08986R408 57 -4 -6.56 54 8.00 0.0000
2023-05-15 2023-03-31 13F BIGLARI HLDGS COM STK CL A 08986R408 61 1 1.67 51 21.95 0.0000
2023-02-14 2022-12-31 13F BIGLARI HLDGS COM STK CL A 08986R408 60 0 0.00 41 17.14 0.0000
2022-11-14 2022-09-30 13F BIGLARI HLDGS COM STK CL A 08986R408 60 -2 -3.23 35 -2.78 0.0000
2022-10-27 2022-06-30 13F/A-1 BIGLARI HLDGS COM STK CL A 08986R408 62 -23 -27.06 36 -40.00 0.0000
2022-08-15 2022-06-30 13F BIGLARI HLDGS COM STK CL A 08986R408 62 -23 36 0.0000
2022-10-27 2022-03-31 13F/A-1 BIGLARI HLDGS COM STK CL A 08986R408 85 15 21.43 60 22.45 0.0000
2022-05-13 2022-03-31 13F BIGLARI HLDGS COM STK CL A 08986R408 85 15 60 0.0000
2022-02-14 2021-12-31 13F BIGLARI HLDGS COM STK CL A 08986R408 70 3 4.48 49 -10.91 0.0000
2021-11-15 2021-09-30 13F BIGLARI HLDGS COM STK CL A 08986R408 67 -4 -5.63 55 -1.79 0.0000
2021-08-23 2021-06-30 13F/A-1 BIGLARI HLDGS COM STK CL A 08986R408 71 5 7.58 56 27.27 0.0000
2021-08-16 2021-06-30 13F BIGLARI HLDGS COM STK CL A 08986R408 71 5 56 0.0000
2021-05-17 2021-03-31 13F BIGLARI HLDGS COM STK CL A 08986R408 66 -52 -44.07 44 -36.23 0.0000
2021-02-16 2020-12-31 13F BIGLARI HLDGS COM STK CL A 08986R408 118 52 78.79 69 115.63 0.0000
2020-11-13 2020-09-30 13F BIGLARI HLDGS COM STK CL A 08986R408 66 -15 -18.52 32 18.52 0.0000
2020-08-14 2020-06-30 13F BIGLARI HLDGS COM STK CL A 08986R408 81 17 26.56 27 42.11 0.0000
2020-05-26 2020-03-31 13F/A-1 BIGLARI HLDGS COM STK CL A 08986R408 64 0 0.00 19 -51.28 0.0000
2020-05-15 2020-03-31 13F BIGLARI HLDGS COM STK CL A 08986R408 64 -139 19 1.4596
2020-02-14 2019-12-31 13F BIGLARI HLDGS COM STK CL A 08986R408 64 -12 -15.79 39 -7.14 0.0000
2019-11-14 2019-09-30 13F BIGLARI HLDGS COM STK CL A 08986R408 76 -68 -47.22 42 -44.74 0.0000
2019-08-14 2019-06-30 13F BIGLARI HLDGS COM STK CL A 08986R408 144 51 54.84 76 11.76 0.0000
2019-05-15 2019-03-31 13F BIGLARI HLDGS COM STK CL A 08986R408 93 -147 -61.25 68 -51.77 0.0000
2019-02-14 2018-12-31 13F BIGLARI HLDGS COM STK CL A 08986R408 240 -6 -2.44 141 -37.89 0.0000
2019-04-23 2018-09-30 13F/A-2 BIGLARI HLDGS COM STK CL A 08986R408 246 -31 -11.19 227 -13.69 0.0001
2018-11-20 2018-09-30 13F/A-1 BIGLARI HLDGS COM STK CL A 08986R408 246 0 227 0.0001
2018-11-14 2018-09-30 13F BIGLARI HLDGS COM STK CL A 08986R408 246 -31 227
2019-04-23 2018-06-30 13F/A-1 BIGLARI HLDGS COM STK CL A 08986R408 277 277 263 0.0001
2018-08-14 2018-06-30 13F BIGLARI HLDGS COM STK CL A 08986R408 277 -2,022 263 0.0001
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.